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Global Weekly Report
Tea Market Report 26th July to 30th July 2021

CTC

Turning the corner last week, this week’s Mombasaauction continued last week’s chosen direction. Good demand prevailed with KTDA teas finally meeting improved absorption. The all-average hammer price appreciated with 7cts to USD 1.95. EoR BP1 sold at firm to dearer rates with support from Kazak and Sudan buyers. WoR BP1s gained 10-14cts, mediums trading firm to 6cts dearer while the plainer end traded irregularly firm to dearer. EoR PF1s met good competition and gained 5-10cts, WoR traded firm to 20cts dearer, mediums trading firm to 8cts dearer while plainer types traded irregular steady to 6cts easier. A large global packer and a Pakistan packer were dominant on the WoR PF1s, while Bazar was also active on the medium types. In the dust auction there was good demand for KTDA teas, only 16% remained unsold. EoR PD/D1s traded firm to 4cts dearer, good mediums gained 21cts up to the reserve price. Mediums traded firm to 8cts dearer also the plainer types traded firm to 6cts dearer. At the end of the trading sessions 32% remained unsold. In the meantime, weather conditions are normal for the time of the year. EoR recorded light rainfall with decreasing temperatures. WoR, however, recorded moderate to heavy rainfall combined with sunny mornings with slightly increasing temperatures, crop continued to decline inboth areas. Last week most KTDA outlots were absorbed after the sale which has triggered demand from Pakistan packers and Bazaar. Also, the closing for week 33 showed a clear drop, which is in line with last year but does influence the sentiment. The regulation of the auction has slightly changed, brokers did not insist on valuation prices for EoR PDs, as long as the selling prices were above last week’s. Hot from the press, 20 privately owned tea factories have announced to start working with minimum prices as well. All grades will only be sold at or above 1.90 USD in sale 32 and at or above 2.00 USD in sale 33. This week’s Limbeauction also attracted good demand. BP1s traded 5cts below valuation, PF1sc & seedlings met good absorption at 2cts easier rates. PFs & PDs were neglected. D1s, the one lot on offer sold 9 cts below valuation. Offgrade fngs traded sideways. At the end of the day 60% of the teas on offer were sold. Both tea growing areas experienced warm to hot conditions during the day with cold nights. Mulanje received isolated showers with 19mm on one day at Lujeri. Thyolo experienced 2 days of light showers. Although crop is seasonally low, there is still an improved availability versus last year’s which is also reflected by the auction quantities. In Jakarta, the general price trend for Java CTC continues to be steady to firm. The Kolkataauction met good demand with better Assam teas trading sideways while medium types eased following quality. In Guwahati, better Assams sold irregularly easier. Mediums and others trading sideways, tending easier. The CTC leaf section at the Coonoorauction met selective demand at irregular rates. Medium and plainer types traded firm to dearer. Coimbatoremet fair demand with medium brokens trading irregular and easier. BOPFs traded barely steady while plainer BOPFs eased. The CochinCTC auction met fair demand at 1-2cts easier rates.

Orthodox

InColombo,6.77 Mn Kg came under the hammer at this week's auction, wheresentiments were overall mixed again.Many high Grownteas met restricted demand.Select fewBOPinvoices gained, while others eased. The corresponding BOPFs eased significantly. Other BOP/BOPFs eased.A majority of NuwaraEliyateas were easier.Uva/UduPussellawaBOP/BOPF were firm to easier, apart from the handful of improved seasonal invoices which gained substantially.In theHigh & Medium catalogues,well-made FBOPs and BOP1s met good demand on previous weeks’ levels. The better FF1swere firm to easier across all categories. OP1s maintainedandOP/OPA maintained.In Low Grownleaf, select best OP1s maintained, while best & below bestcategorieswere firmto USC 3 easier. Bottom end eased USC 5. Overall BOP1s met with improved demand at dearer levels. Better OPAs were firm to USC 5 easier. Below best types were firm to USC 5 dearer. Bottom end OPAs wereUSC 3 lower. OPs were USC 5 easier across all categories. Better PEK’s held firm. Others were USC 3 easier. PEK1smaintained across all categories.Low Grownsmall leaf grades met with fair general demand, with most teasmaintaining.Offgradeofferings saw better HighGrownliquoring FGS1 maintained, while others were USC 03 easier. Low GrownFGS maintained and BMs were firm. Betterprimary Dust1swerefirm to USC 5 dearer,whileothers were USC 3 easier. Cleaner secondaries eased USC 5, whilst others eased USC 10. Low Growndust eased USC 3.On the weather front, Western and NuwaraEliyaregions reported bright mornings and overcast evenings with scattered showers. All other districts reported bright weather throughout the week. The Western, NuwaraEliya,UvaandUdapussellawaregionsmaintainedthe crop intake, while a slight increase was reported in the Low GrownRegion.On Tuesday the 3rd, newspapers carried articlesstatingthat the government of Sri Lanka had lifted the ban on chemicalfertilizerimports after protest from farmers, who forecast severe food shortages and express concerns about the island's crucial tea exports. According to the articles, thefinance ministeris said to have issued regulations replacing the ban with an import licensing scheme which goes into effectimmediately. In July, there was a sharp decline in Sri Lanka's tea crop, its main export commodity, and growers expect a major impact on the $1.25-billion industry will be felt by the end of the year. InJakarta,the price trend for Java/Sumatra continues to be steady to firm. InKolkata, 90% of teas on offer were absorbed. Best tippy types sold fully firm to at times dearer levels. First line TGFOPs were irregular around last, however bolder FOP grades were up to 10 cents dearer.In South India, there was less demand at theCoonoor, CoimbatoreandCochinauction leavingalmost 50%of all the teas unsoldyet again.The teas that sold were let go at overall lower levels."If I wasn't paid to be a professional footballer, I would willingly play for nothing."–Lionel Messi

02 Aug, 2021
Acknowledgement: Vanrees & Co




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