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Global Weekly Report
Tea Market Report 23rd August to 27th August 2021

CTC

Good and improved general demand prevailed this week at the smallest auction in Kenya of 2021. On offer were 129K pkgs, leaving 31% unsold at an all-average hammer price of $2.03 (+6cts). EoR PF1’s were the biggest gainers with the better types appreciating between 30 – 40cts from last week while the balance of the EoR teas were also benefitting from this strength; meeting a near 100% absorption. Flavory best BP1’s opened dearer with some gaining more than 30cts but ended at just slightly dearer levels. The below best types continued to meet selective interest, selling at firm rates. PD’s continued to receive good support from Yemen, UK and Pakistan packers at firm to dearer rates. WoR PF1’s continued to meet selective demand. Mediums were irregularly firm with better teas attracting more interest and the lower ones selling at steady levels. For the WoR BP1’s there was not much interest, only selling a few lines and several main buyers not showing any action. PD’s remained firm at last week’s prices and were mostly bought by only buyer in the room. Looking at this week’s levels it seems that the Independent Tea Producers have accepted lower reasonable levels from the brokers. With the reserve price some producers have a hard time selling. Especially now that KTDA has announced an increase in price of green leaf which automatically puts more pressure on the price for the private producers as well. The weather EoR is in the morning generally cool and cloudy with some occasional showers in the afternoon and at night. Most factories have resorted to a 4-day plucking cycle due to reduced green leaf. WoR had mostly sunny morning and rainy afternoons. Temperatures ranging between 11 and 22 degrees and crop levels were steady. With the disunity amongst the Independent Tea Producers and the set reserve prices it’s slightly uncertain what the market will do. In Malawi, there was only demand for the well-made teas in the room, all others and the PD’s have been neglected. At the end, only 50% has been sold at an all-average price of $1.42. The weather in both Mulanje and Thyolo have been dry and hot during the day and cold during nighttime. The quality is seasonally improving, and crop intakes are stable. In Kolkata, there was another week of very strong demand. Good and best Assam’s were firm to dearer, better mediums and mediums were selling at firm rates and larger brokens were well competed for at dearer levels. A total of 88% has been sold. In Guwahati, the teas in the room also attracted good demand with the best and good types selling irregularly around last. In the South of India, supply is likely to move up, with conducive weather and getting into the second season. The demand in Coonoor was very strong, selling at firm to dearer levels and leaving only 15% unsold. In Coimbatore, there was fair demand at firm to slightly lower levels ending at 72% of all teas sold.  

Orthodox

In Colombo this week, 6.83 Mn kg were on offer, a marginal increase of 0.15 Mn kg compared to last week. The demand for better Low Grown teas is building up. In the High Growns, the best category teas met less demand. Best western BOPs and BOPFs were easier by USD 0.10. Below best and bottom BOPs were firm while the corresponding BOPFs were USD 0.15 higher. Nuwara Eliya BOPs were substantially dearer following special inquiry. However, less interest was shown for Nuwara Eliya BOPFs. Teas from the eastern slope had a good sale, with both BOPs and BOPFs occasionally gaining substantially. CTC BP1s were firm. The Low Grown CTC PF1s were USD 0.10 higher. However, the High Grown and Medium Grown PF1s met with less demand and were steady. In the Medium Growns, there was special interest for the improved OP1s with the seasonal character. FBOPs and BOP1s were fully firm. Better FFs and FF1s were firm with the balance dearer. On the Low Growns side, the best category OP1s were the main feature. There was impressive demand for Best OP1s. A majority of OP1s were sold at USD 0.20 – 0.25 higher with some even reaching USD 0.35 higher than last week’s levels. Select best types were fully firm. Below best was dearer while the bottom sold at steady to marginally easier levels. The best BOP1s also had a good sale. Here again, the best category BOP1s were about USD 0.05 higher, while the below best and bottom remained firm. In OPAs, the demand also revolved around the best category teas. OPs were not left out and also saw the same trend for best. However, it was comparatively less when compared to the OPAs. Both below best OP/OPAs were firm while the bottom sorts tended marginally easier towards the closure. Overall Pekoes were generally firm. Low Grown small leaf grades saw fair demand. The better well-made FBOPs and FF1s sold well while the very tippy teas attracted good demand and were dearer. Regarding offgrades, a strong market in the High Grown main grades seemed to have had an impact on the secondaries. The cleaner High Grown fanning’s were dearer by USD 0.05. The poorer sorts however, were easier. There was less demand for BPs. On the dust types, the best High Grown Dust1s were firm, while below best and secondaries were about USD 0.05-0.10 lower. The Low Grown Dust were overall USD 0.10 lower, with the cleaner sorts declining by a higher margin (USD 0.15. In Jakarta, there was improved demand for 9,780 packages with 37% unsold. Java and West Sumatra sold at steady to easier levels. Kolkata opened to strong demand this week, with a nominal quantity of tippy teas on offer well absorbed. Well-made brokens and whole leaf types were irregular around last levels. Leafy fannings and cleaner secondaries sold at similar levels as last. In South India, 59% of teas on offer sold. Most orthodox teas sold easier except for dust in Coimbatore which was dearer by USD.01-.02.   “You keep putting one foot in front of the other, and then one day you look back and you've climbed a mountain.” – Tom Hiddleston

23 Aug, 2021
Acknowledgement: Vanrees & Co




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