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Global Weekly Report
Tea market report 6-10 August, 2012

Most centers enjoyed good demand this week. In Mombasa teas were readily absorbed at improved rates. Malawi had a good session at firm rates, except for special cultivars and plainer PF1 which eased. In Colombo, HG types were the best selling features but LG’s were holding their own. In Indonesia the dry season continues and the smaller offerings were divided between buyers at irregularly firm rates. In India, orthodox teas keep selling at irregularly firm rates, while CTC wobbled in the north but remains firm in the south on account of reduced offerings. If there is an overriding trend, it is that supply is running close to demand, but there is certainly no surplus of teas. We therefore see most teas selling at good prices with reduced outlots/unsold teas. We expect this to continue in the coming weeks. Not much down side but at the same time not a lot of bullish factors either. Longer term we expect that towards autumn, demand will improve further with buyers resuming normal routine. Crop is also expected to pick up further, but as long as it lags behind, price levels are expected to remain irregularly firm.

North America is quiet on the back of summer holidays and hot weather whilst UK / EU showed improved though selective interest. The Pakistan packers were more active in Mombasa, while the Bazaar & Afghan jobbers took a wait and see approach before deciding that prices were not coming down and it was better to join the bandwagon. Egypt types gained on the back of improved activity and only the poorest shed a few. Sudan was less active as their types seemed very expensive. Kazakhstan was similarly less interested. Yemen continued much the same and Somalia was less active this week. Russia were moderate buyers in Mombasa, but winter buying in Colombo is going on. Packers and traders continued in India and teas sold in line with quality. The monsoon continues in India and July crop is developing satisfactory. Kenya continues to experience dry and cool weather conditions with some light showers and leaf intake remains low. Malawi is still dry but night temperatures are going up. There are signs of cloud build-u ut very little precipitation has been received so far. In Sri Lanka most planting districts experienced bright weather with some evening showers and windy conditions on the Eastern side of the island. Crop is about maintained for the Western’s but declined elsewhere. In Indonesia dry conditions prevail in Java with some showers in Sumatra; crop is low. Vietnam has received useful rain and cropping has improved.

This sounds true:

“Whenever you find yourself on the side of the majority, it is time to pause and reflect.”

 

26 Aug, 2012
Acknowledgement: Vanrees & Co




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