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Global Weekly Report
Tea market report 18 – 22 October 2021

CTC

In Mombasa this week, there was overall good but irregular demand where there were 145,473pkgs on offer. The initial outlots for the sale stood at 36k pkgs (25%) vs the 21k pkgs (15%) of last week. The All Avg hammer also shed 2cts to close at $2.29. The reduced absorption was expected and is mainly due to the large consecutive closing for sale 43 & 44 of above 150k pkgs. Further, with the expectation of higher upcoming closings, sentiments are of bearish markets and hence most categories were irregularly steady to easier. EoR PF1’s finally lost steam and were the biggest losers for this week. They opened slightly easier but gradually declined with the sale. This week there were 12k pkgs on offer but they increase to 16K in sale 43 & 44. Bazar expects rates to come down further before they can operate. With their devalued Pak Rupee, these rates are still not workable for them. WoR PF1’s also dropped and sold at about 10cts lower than last week. There was good interest on these from UK, Yemen and Bazar. Similar to EoR, upcoming quantities creep up in the next 2 sales. With the WoR having good rains, more offerings are expected from this segment. Medium PF1’s were irregularly steady to easier following quality. However, the better blacker types garnered more interest from bazar with some marks selling at dearer levels. EPK’s and Nandi types were firm to dearer while Limuru types were easier. Kericho types were generally easier while there was maintained interest on certified types at lower levels. There was selective demand on the plainer PF1’s types with better leaf types taken up by bazar jobbers at firm to dearer rates. The balance sold at easier levels. CKL was also steady on the certified marks at easier levels. There was selective demand on the best KTDA EoR BP1 which sold at irregularly firm to slightly dearer rates. This week we had 6k pkgs for the EoR brokens and next week the offerings are almost half before they go up again. The below best were irregularly steady to slightly easier. There was selective demand on the WoR BP1’s which opened at steady levels but shed a few cents as the sale progressed leading to outlots towards close. EPK Brokens opened firm to dearer but gradually eased with the sale. The balance Medium BP1’s met reduced interest selling at steady to easier levels following quality. The Plainer BP1’s were irregularly steady to easier, but met good interest. On the weather from, WoR and EoR both received light to moderate rainfall over several areas. There were sunny intervals in the morning with occasional afternoon and evening showers. In Limbe, good demand continued, and rates were a few cents dearer. BP1s were easier, while PF1 Sc and PF1 Seedlings were dearer. PFs and D1s were steady while PDs were neglected. Well-made offgrade fngs were steady to dearer while the remainder were discounted. Mulanje and Thyolo were seasonally hot with some rains on Monday. Crop intakes are seasonally ebbing. In Jakarta, the price trend for Java/Sumatra continues steady to firm. Next week there is fairly big auction for the dry season, with 12K pkgs, which is most likely caused by lesser private sales. Kolkata opened to good demand with 76% of teas on offer sold. Liquoring Assams were firm to irregularly dearer while well-made mediums were irregular around last. Browner and fibrous types were easier. In the South India auctions 70% of teas on offer sold. There was overall good demand with prices steady to slightly easier. 

Orthodox

In Sri Lanka, there was a restricted sale due to intervening holidays on Tuesday and Wednesday. There was a total of 4.29m.kgs on offer with good demand for selected HG teas and mixed demand for the LG offerings. The HG segment had 0.597m.kgs on offer with the better BOP's maintained, corresponding BOPF's were firm, with below best gaining. Plainer BOP’s declined whilst the BOPF’s maintained. Nuwara Eliya teas saw a decline on both BOP & BOPF. Uva BOP’s declined whilst the BOPF’s were firm to easier. Uda Pussellawa BOP/BOPF eased. 0.512m.kgs of Medium Grown teas met good demand and continued to sell well. During the 1.17m.kgs LG leafy sale, the better OP1’s were firm to 5cts easier while the remaining maintained. BOP1’s gained across all categories. Apart from the better OPA’s, all others maintained. OP’s were firm to easier. Better and bottom end PEK1’s gained while below best sorts maintained. PEK’s maintained. 0.775m.kgs of LG small leaf teas sold at last week’s levels. Offgrades contained 0.816m.kgs. HG liquoring FGS1 maintained, LG FGS1 were firm to dearer whilst brokens declined across all categories. The Dust catalogue offered 0.36m.kgs with the better HG dust1 declining, whilst others maintained. Secondaries and LG dust1 gained. The coming 2 auction will be very large with both 175K pgks on offer, with sale 44 having almost 15% reprints (approx. 1m.kgs). The quality of the LG teas maintained whilst medium and High Grown declined. Overcast conditions accompanied with light to moderate rain was reported from Western, Nuwara Eliya and Low Grown regions. Plantations in the Uva and the Udapussellawa regions reported bright weather. In Jakarta, there was less demand for the 9.7K pkgs, leaving 40% unsold. Overall prices were steady to firm with only some selected gardens which were sought after, selling at firm to dearer levels. In Kolkata, the market attracted good demand leaving only 15% unsold. Whole leaf grades were irregular with the bolder types selling at lower levels and FOP’s witnessing withdrawals. Brokens were irregularly lower following quality, same as fannings and secondaries. In South India, there was overall fair demand selling at mostly lower levels with the domestic buyers taking the lead. Across all 3 auctions, a total of 60% has been sold. The supply continues to be steady, despite reports of flooding and heavy rains in some plantation districts.   

“Success is liking yourself, liking what you do, and liking how you do it.” – Maya Angelou

25 Oct, 2021
Acknowledgement: Vanrees & Co




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