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Global Weekly Report
Tea Market Report - week 2 (10 – 14 January 2022)

CTC

In Mombasa general demand continued for the 2nd sale of 2022 which had 193k pkgs on offer compared to last week’s 191k. Absorption was good for most categories except for WoR BP1s which met selective demand and formed the bulk of outlots. Initial outlots for the sale stood at 29k pkgs (15%) vs 27k (15%) last week while the all AVG hammer shed 2cts to close at $2.43h. EoR BP1s were irregularly steady to slightly easier with the flavory sorts tending firm and a few sold at dearer rates. Some of these EoR types are just a few cents higher than the WoR Brokens presenting better value. EPK Brokens met good demand but at firm levels. The balance Medium BP1s met good enquiry selling at irregularly steady to easier rates. The Plainer BP1s met improved demand and sold at irregularly firm to dearer levels. KTDA EoR PF1’s lost the gains of last week and sold at easier levels. Selected flavory lots held value with some also gaining on account of strong competition from Pakistan and UK packers. WoR PF1 met good demand and sold at steady to slightly easier rates. EPK’s were irregularly steady and met good absorption from the bazar. The plainer types were irregularly firm to dearer following quality. Although some of these types remain out listed as buyers were full towards close. KTDA EoR PD/D1s opened irregularly steady to easier with a few selected best managing to remain firm. However, activity on them improved midway through the sale. They closed irregularly firm to dearer. The WoR types managed to hold firm to a few cents dearer. Medium and plainer types continue to enjoy good demand. On the weather front, EoR and WoR saw sunny and dry conditions. In Malawi there was good demand. One lot on offer of BP1s sold at 5usc below valuations. There was improved demand for PF1 Sc, which traded at 4 usc below valuations. PF1 Seedlings were absorbed at the same premium prices as last week. One of the PF lots sold at 9 usc below valuations. PDs were neglected. D1s same good demand at last week’s levels, while offgrade fngs and dust sat good demand at steady to a cent easier. In the Jakarta auctions, there was less demand for 10,180 packages with 55% unsold with many withdrawn due to broker’s limit, which remained significantly high, particularly for selected West Java BOP/Dust invoices. Here the broker asked up to 20cts above the last market price. General price trend Java/Sumatra continues at steady to firm. The Kolkata auctions opened to good demand and sold 78% of teas on offer. Assam showed a decline in quality and was therefore irregularly easier. Well-made mediums and plainer sorts met with good enquiry and were readily absorbed.

Orthodox

In Colombo, the 1st auction of the year kick started with robust demand. Almost all categories of tea met excellent demand this week. The below par auction offerings and the absence of an auction last week, possibly forced the shippers to go hard at the market. This week the total auction offerings stood at 4.93 Mn kg. When compared to offerings of sale no. 01 in 2020 and 2021, this year’s offerings are down by 1.5 Mn kg. High grown teas saw BOP and BOPFs from the western region meet good demand. Better BOPs were about USC 15-20 dearer while the corresponding BOPFs were USC 20-25 dearer. The below best BOP were fully firm to USC 10 dearer while BOPFs were USC 15-20 dearer. The Plainer BOPs were fully firm to USC 5 dearer and BOPFs were USC 10-15 dearer. Nuwara Eliya BOPs and BOPFs were USC 5-10 lower. Uva & Udu Pussellawa BOPs were firm. Uva BOPFs were USC 5- 10 dearer whilst Uda Pussellawa BOPFs gained USC 10-15. CTC’s – CTC BP1’s both low grown and medium grown were USC5 dearer. High grown PF1s were USC 5-10 dearer while the medium growns were USC 5 dearer. Low grown PF1s met staggering demand and were USC 30 dearer. For Medium Growns, there was good demand for the well-made leafy and semi leaf type teas. OP1s, BOP1s, and FBOPs were about USC 20 higher. FF1s and FFs were mostly firm. Prices of better OP1s and BOP1s have gained substantially. There was more interest for the better OPs/ OPAs. The select best and best category Pekoe/ Pekoe1s were USC 15- 20. The range of below best and bottom end teas met improved demand and were overall USC 5-10 dearer. In the low grown small leaf & premium teas categories, there was excellent demand for FBOPs as well as the FFs/ FF1s and were about USC 5-10 dearer. The handful of very tippy teas were USC 15-20 dearer. In Off Grades, the better high grown liquoring FGS1s were USC 10-15 dearer. Poorer sorts remained firm. Low grown FGS and BM were USC 10 higher. BPs also met good demand and were USC 10-15 higher. There was good demand for the cleaner BOP1As. Perhaps these were used, to bring down the price of the main grade blends. The below best and bottom and BOP1As were sold at firm levels. The Dusts catalogue saw better high grown Dust1s meet good demand and were USC 25-30 higher. Below best types were USC 10 dearer while secondaries were firm. For low grown dust, the demand revolved around the below best and the bottom end teas, which were USC 10-15 higher. The cleaner sorts remained firm. In Jakarta, the first auction of 2022 ran with incomplete participants who were unable to participate in the auction due to an outstanding issue. The broker has increased and is very strict with their valuation/limit on each invoice, without any flexibility. Even buyers were bidding below 1 or 2 cents from the broker’s limit. As a result, there was less demand for 8,940 packages with 58% remaining unsold with many withdrawn. The overall price trend for Java/Sumatra continued steady to firm with selected invoices of Java Orthodox BOPF/Dust BT selling at firm to dearer levels. In Kolkata, 86% of teas on offer sold. The market opened to good demand at rates irregular and lower according to quality. Few clean well-made sorts were readily absorbed and maintained levels.

“Each of us must confront our own fears, must come face to face with them. How we handle our fears will determine where we go with the rest of our lives. To experience adventure or to be limited by the fear of it.” – Judy Blume

20 Jan, 2022
Acknowledgement: Vanrees & Co




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