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Global Weekly Report
Tea Market Report - week 51 (20 December – 24 December 2021)

CTC

The last sale of 2021 in Mombasa attracted irregular demand in an overall easier market. Some segments managed to stay firm or even sell dearer while most of the segments continued their downwards trend, but not in the same pace as the last few weeks. There was improved absorption (16% vs 23% last week) for the 183k pkgs on offer, selling at a steady all average hammer price of USD 2.39 /kg. KTDA EoR BP1s traded irregularly steady to 15-20cts easier, of which many were picked up by traders active on the Kazakh market. WoR BP1s met selective interest at firm rates with outlots. Medium BP1s, quality types traded dearer while the balance traded steady to easier. Plainer BP1s traded irregularly steady to easier. KTDA EoR PF1s traded up to 12cts easier but, like with many other segments, the drop remained limited, prices didn’t fall as much as last week. Good support came from Pakistan packers, while also Russia & UK buyers provided useful support. KTDA WoR PF1s traded 5-8cts easier with the usual large global packer being in the lead. Mediums traded irregularly steady to 8cts easier while the plainer types traded irregularly steady to easier. The M1 auction traded irregularly steady to easier, however this does not fully reflect the trade of both segments. Especially KTDA D1s traded firm to dearer, with WoR D1s even gaining up to 20cts, narrowing the spread with PDs to almost zero. KTDA EoR PDs traded 2-20cts easier, with select best firm. KTDA WoR PDs eased 12-20cts, medium PDs traded 4-10cts easier and plainer PDs traded steady to 8cts easier. In the meantime, weather conditions are still conducive to grow tea, EoR reported regular rainfall with intense storms in some parts, crop remains steady. WoR reported sunny mornings with afternoon showers and some thunderstorms while crop levels gradually improved. This week’s published October crop is showing a healthy tea production, even slightly better than record year 2020. The crop deficit remains at 32mln kgs /7% vs last year. While tea production is in full swing and auction quantities continue to creep up, demand & absorption remains fairly good. However, Pakistan Bazaar buyers remained at the sideline for their preferred KTDA EoR PF1s, a volatile Pakistan rupee is making these teas less affordable. While heavy arrivals at destination and a large offering of these types in week 2, making the Bazaar buyers keeping quiet. In Malawi, most buyers seemed to be in the mood for holidays. Only 14% of the teas on offer found a home. PF1sc were neglected while PF1 seedlings met selective demand at 3cts easier rates. PDs were neglected and D1s traded steady where sold. Offgrade fngs met selective demand, trading sideways also offgrade dust met selective demand but at 5cts below valuations where sold. VRB led the buyer’s list taking 6% followed by JF 6, Rfr 2 & Zoona 1. Still all eyes are pointed at the sky in Malawi, but not much came down this week, only 2 days of rain. The first half of December is the driest start of the season in the past 5 years while the forecasts are very unstable. In Jakarta, CTC teas met less demand at generally steady to firm rates with some grades tending dearer while others eased up to 4cts. The Kolkata auction met good demand. Well-made teas met good competition but at easier rates. Mediums sold at irregularly easier rates. CTC teas met fair demand in Guwahati, most teas trading irregularly easier following quality. In Coonoor CTC teas met fair demand at firm rates, while Coimbatore met good demand at dearer rates. Cochin met good demand at firm levels.

Orthodox

In Colombo, sale No. 50, the final auction for year 2021 had an offering of 5.3m.kgs, attracting good demand for most of the teas. The HG teas consisted of 0.75m.kgs. Select best western BOPs were firm to 10cts dearer, below best BOPs were marginally easier whilst the bottom end BOPs were firm. There was fair demand for the best and best below best Western BOPFs. Bottom end teas met with less demand and were 5cts lower. Nuwara Eliya BOPs were firm whilst the BOPFs were 15cts easier. Udu Pussellawa and Uva BOP / BOPF’s were steady to 15cts lower. Medium grown teas, stood at 0.58m.kgs and the entire range sold at firm levels. LG leafy teas had 1.33m.kgs on offer, a marginal increase from last week. All OP1/ BOP1’s met with strong demand and continued to sell well. OP/OPA’s too gained on last levels. Select best Pekoes were firm whilst there was improved demand for the lower end Pekoes. Better Pekoe1s were in demand whilst the lower end sold at firm levels. LG small leaf & premium teas consisted of 0.90m.kgs. FBOPs continued to sell well and gained on last week’s levels. Overall FF1s and FFs were fully firm. The very tippy types gained following improved demand. Off Grades, had an offering of 1.21m.kgs this week. Better high grown liquoring FGS1 were firm whilst the below best and bottom sorts were 10cts dearer. Low grown cleaner FGS were dearer, whilst other low grown FGS were firm. BMs in general, were dearer by about 3-8cts whilst the BOP1As were fully firm. The dusts catalogue had an offering of 0.47m.kgs. Better high grown Dusts were firm. Poorer sorts tended to be easier. Low grown Dust were firm. On the weather front, all planting districts reported bright mornings and evening showers. Crop wise, the Western Medium, Uva, Udapussellawa and Low Grown regions reported a decline, whilst the Western High Region reported a slight increase. The Nuwara Eliya Region maintained. Next week there will be no auction and the first auction of 2022 will kickoff with 4.93m.kgs on offer. In Kolkata, again the market opened to good demand with 88% of teas on offer sold. Well-made whole leaf and brokens were irregular around last week’s levels. The remainder sold at lower levels, following quality.

Wish our readers who celebrate it a very merry Christmas, to those who don’t, a happy holiday season and to everyone, a successful, healthy and peaceful new year

27 Dec, 2021
Acknowledgement: Vanrees & Co




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