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Global Weekly Report
Tea Market Report - week 44 (01 – 05 November 2021)

CTC

Again this week, the Mombasa auction experienced a soft market. The 151,898 kgs on offer met fair demand at a 3cts lower all average hammer price. There was however improved absorption versus last week (21% vs 24% outlots). EoR BP1s met good demand and opened easier but closed firm to dearer. Below best traded steady to 10cts easier. WoR BP1s met selective demand but at firm levels. Mediums traded irregularly steady to easier while the plainer types traded irregular and eased up to 10cts. KTDA EoR PF1s continued their downwards trend where they stopped last week, easing up to 25cts. Pakistan packers were dominant while Pakistan Bazar and UK provided useful support, altogether almost all teas on offer were absorbed. Below best types eased 24-30cts. KTDA WoR PF1s remained firm at around USD 2.50 hammer levels, with a large global packer being very active, also KTDA WoR PF1s were well absorbed with only very few outlots. Medium PF1s traded irregularly steady to easier, sometimes losing up to 25cts. Plainer PF1s also traded irregularly steady to easier, with better types being picked by Bazar while the certified types found a home with their usual buyers. PDs met fair but irregular demand, best PDs traded 4-12cts easier, below best 8-18cts easier, good mediums steady to 2cts easier, medium PDs 4-10cts easier and the plainer end lost up to 12cts. In the meantime, weather conditions continue to be conducive for growing tea. EoR reported light to moderate rainfall with sunny mornings and increasing day and night temperatures. WoR reported evening showers in addition to thunderstorms, and temperatures are showing an upwards trend. Crop intake EoR maintains while crop WoR is picking up further. An improving absorption rate in a falling market could imply that there is underlying demand and that the market was waiting for this market to ease. The volatile Pakistan rupee is also a factor which is playing a role. In Limbe, this week’s Malawi tea auction met less demand. BP1s were taken out under bid, and PF1sc met selective demand at easier rates. PF1 seedlings and EPM PF1s met good demand at steady to easier rates. PDs were neglected and D1s traded steady. Offgrade fngs were neglected, and mostly taken out. Offgrade dust eased 4cts. 59% of the teas on offer remained unsold. Current weather conditions in both tea growing areas are hot to very hot and dry. Crop intake remains seasonally low. Auction quantities remain high for this time of the year, it seems there is still quite some tea around. In Jakarta, the general price trend continues to be steady to firm with some CTC invoices (PD/D1) sold at dearer levels. In Kolkata, CTC teas met good demand especially for the well-made Assam teas but at steady levels. Mediums traded steady tending easier. 23% remained unsold. In Guwahati the market met good demand at firm levels, tending dearer. In the South, the Coonoor auction met strong demand at firm to dearer rates. In Coimbatore fair demand led to steady to dearer rates with some outlots. Mediums traded steady to easier. Plainer types eased 1-2cts. In Cochin, CTC teas met fair demand at irregular rates, mostly 1-2cts easier with withdrawals.  

Orthodox

In Colombo, a volume of 6.49m.kgs came under the hammer at this week’s auction. All teas saw good demand, with strong market sentiments. High grown teas consisted of 0.76 Mn KG, better western BOP/BOPF's declined. Below Best BOP's were firm to somewhat easier, while the corresponding BOPF's gained. Bottom end BOP maintained, while the corresponding BOPF's declined. Nuwara Eliya BOP's continued to sell well although at lower levels, whilst the corresponding BOPF's were neglected and were mostly not absorbed. Uda Pussellawa BOP/BOPF's were easier. Uva BOP/BOPF's better teas were firm around last week's levels, while the others declined. High and Mid Grown CTC BP1 & PF1’s met with better demand at dearer levels. Low Grown BP1's eased, whilst the PF1's maintained. Medium grown teas, had an offering of 0.74 Mn kg which met with strong demand. Leafy teas eased to an extent, whilst small leaf grades continued to sell well. Low grown leafy teas, offered 1.82 Mn KG. Better OP1 gained across all categories. Better BOP1’s were marginally dearer, while others were firm to easier. OP/OPA were dearer across all categories. Better PEK / PEK1’s, along with other PEK’s were firm to dearer. However, other PEK1’s were firm to easier. Low grown small leaf teas, consisted of 1.16 Mn Kg. All FBOP’s gained. FBOPF1’s maintained. Off Grades, consisted of 1.38 Mn kg this week. High grown liquoring FGS1 maintained. Low grown FGS1 were dearer. Brokens gained on last levels. Dusts catalogue, offerings stood at 0.59 Mn kg. High grown Dust 1’s gained across all categories. Secondaries maintained. Better low grown Dust1’s maintained, while others were USC 10 easier. In Jakarta, there was less demand for 12,600 packages with 37% unsold. The general price trend continues to be steady to firm. On the weather front, Java and Sumatra, experienced regular showers. In Kolkata this week, there was good demand across the board with 84% sold, though at slightly easier rates. Tippy whole leaf types were firm while the clean black TGFOP1 and TGFOP were barely steady. Bolder leaf GFOP grades, FBOPs, smaller brokens and liquoring fannings were easier. In South India, the 3 auction rooms saw overall fair demand with 73% sold. Orthodox leaf types with whole leaf grades were steady to firm, with brokens and secondaries easier. While there was fair demand for dust types, these went at steady to easier rates.   

"The man who asks a question is a fool for a minute, the man who does not ask is a fool for life.” – Confucius

09 Nov, 2021
Acknowledgement: Vanrees & Co




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