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Global Weekly Report
Tea Market Report - week 45 (08 – 12 November 2021)

CTC

Good general demand prevailed this week in Mombasa which had a somewhat large 184K pkgs compared to last week’s 152K pkgs. Overall, the market can be described as vibrant. Absorption was improved and the initial outlots for the sale stood at 31k pkgs (17%) vs 29k pkgs (18%) in the previous week. The All avg hammer shed 2cts to close at $2.21h. The market was irregular where certain categories sold at firm to dearer levels with others irregularly steady to easier. KTDA EoR PF1s were irregularly steady to easier but the depreciation was contained to up 10cts compared to previous weeks, where they have been on a freefall. There was good demand from Pakistan packers, bazar, Yemen and UK. The cold season is approaching in Pakistan and consumption is expected to increase. The volatile Pak Rupee is shying them away but at some point, they have to bite the bullet and jump in. Coincidentally, the KTDA quantities are healthy for the next two sales and are expected to increase, and this should stabilize the market levels. WoR PF1 remained fully firm. Absorption for KTDA PF1’s was improved and there are hardly any outlots for these types. The Medium PF1s were generally irregularly steady to easier with a few types tending dearer. There was selective demand on the plainer PF1 types with better leaf types taken up by bazar jobbers at steady to easier levels; with balance selling at easier rates. Rwanda PF1s were generally firm with selected quality types dearer. They met irregular demand from Kazak, Russia, Pakistan packers and bazar. There was improved demand on the KTDA EoR BP1. The very best traded firm to dearer. The below best opened steady but started to appreciate during the sale. Fresher teas are now making an appearance, as the reprints start to reduce. The seasonal quality is also being seen in the cups. There was improved demand on the WoR BP1s which sold at firm levels. EPK Brokens were about steady meeting selective demand, with most of the teas being neglected. The balance Medium BP1’s met steady demand and sold at irregularly steady to at easier levels, although some quality lots were dearer. The Plainer BP1s were irregularly steady to easier and met improved interest. The M1 auction experienced good demand where Medium and Plainer types performed well and gained while KTDA types remained steady to easier. EoR PDs behaved much the same as last week shedding another 20 - 25cts. A few selected quality types remained firm on account of UK interest. Similar D1s were irregular following quality. WoR types were firm at last week levels. Egypt buyers were more active this week staging up good competition on the Mediums. Prices for these types were irregularly firm to dearer with emphasis on quality. Plainer types followed same trend as the Mediums with same operators active on them. In Limbe this week, there was a low absorption rate. BP1s two of three lots on offer were taken out under bid. PF1 Sc saw selective demand at easier rates, and PF1 seedlings saw good demand at steady to easier rates. PFs were not on offer while PDs were neglected. D1s were steady while offgrade fannings were neglected. Offgrade dust went discounted. In Jakarta, there was less demand for 10,760 packages with 51% remaining unsold. Java/Sumatra sold at steady to easier levels. Many exporters remained very selective, and the auction was dominated by local players from the domestic market. Next week, there will be 12K+ pkgs on offer. A fairly large auction for Jakarta, considering that some marks at no longer participating in the auction. Offerings are two times larger than last year. Weather conditions are similar so could just be the result of less demand. Kolkata saw good demand with 80% of teas on offer sold. Liquoring Assams were readily absorbed and mediums sold in line with quality. The remaining brown and/ or fibrous types tended irregularly easier. In the South India auction rooms, markets were overall steady to firm with 87% of teas on offer sold.  

Orthodox

In Colombo, the auction with 6.23m.kgs attracted overall good demand. HG teas consisted of 0.81m.kgs. Better western BOP/BOPF's met with less demand and were up to 10cts easier. Below Best BOP/ BOPFs were firm to 10cts dearer. Bottom-end BOP maintained, whilst the corresponding BOPF's were 10cts dearer. Nuwara Eliya teas met with less interest and both BOPs and BOPFs were discounted. Uva BOP/BOPF's in general were fully firm to USC5 dearer. Medium grown teas, 0.72m.kgs, was met with staggering demand, especially the small leaf grades. There was improved demand for the leafy teas. LG leafy teas had 1.72m.kgs on offer. Select best and best OP1s were substantially dearer, up to 30cts. Select best BOP1s continued to sell well. Balance BOP1’s were fully firm to marginally dearer. Better OP/OPAs met with improved demand recording increases of 10-15cts per kg, below best and the bottom were 3-5cts dearer. Better category Pekoe1s were fully firm. Below best and bottom sorts met with improved demand. Better bold Pekoes tended easier whilst there was good demand for the bottom end Pekoes. Small leaf teas consisted of 1.15m.kgs. Better FBOPs were 10-15cts dearer, below best and bottom FBOPs were firm. The entire range of FF1s met with good demand along with the very tippy types which were 20cts dearer. Off Grades, consisted of 1.27m.kgs, with the HG liquoring FGS1 attracting good demand selling at 15-20cts dearer levels. Low grown FGS1 were firm to 5cts dearer. Brokens gained on last levels. In the dust catalogue, 0.56m.kgs, the HG dust 1’s gained across all categories along with secondary Dust which were about 10cts higher. Better LG Dust1’s maintained, whilst others were 10cts easier. In Kolkata, there was strong demand with over 94% of the teas on offer sold. The tippy whole leaf teas opened at barely steady levels whilst other were fully firm. With the Darjeeling offerings, the flavory whole leaf descriptions were 10-15cts easier, others were firm. In South India, there were only auctions in Coonoor and Cochin attracting increased demand at mostly dearer levels.   

"A vacation is what you take when you can no longer take what you've been taking.” - Earl Wilson

22 Nov, 2021
Acknowledgement: Vanrees & Co




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