Colombo Tea Auction fetches record prices | Daily News


 

Despite COVID 19 crippling world economy:

Colombo Tea Auction fetches record prices

Despite, the Covid 19 virus crippling the world economy, the Colombo Tea Auction held during April 16-18 continued the raise prices and more records tumbled this week.

The prices were remarkably higher than last week and there was good demand from Russia, Turkey and the Middle East, Chairman of the Colombo Tea Traders Association Jayantha Karunaratne told ‘Daily News Finance’ yesterday.

Meanwhile, there were three all-timerecords all of which came through Asia Siyaka catalogues.

Asia Siyaka Senior Vice President Sohan Samaranayake said that at the sale No. 13 of 2nd E-Auction held on April 16-17, 2020 in the Uva high category an invoice of OP from Vellapatna Estate sold under the Uvakellie selling mark was purchased at a record price of Rs. 810 per kg by Vintage Teas (Pvt) Ltd. Uvakellie Is part of Madulsima Plantations PLC.

Uva High has another record of Finlays Tea Estates PLC’s, Oodoowerre Estate achieved a record price of Rs. 980 per kg for the FBOPF1 grade, bought by Akbar Brothers (Pvt) Ltd.

In the Uva Medium category Dickwella Estate FBOPF1 sold at a record price of Rs. 1000 per kg. This tea was purchased by Ceylon Tea Marketing Ltd. Dickwella is part of Malwatte Valley Plantations PLC.

3.99 Mnkg of tea were on offer at this week’s Colombo Tea Auction 1.28 Mnkg were Low Grown Main Grades and 1.66 Mn kg were High and Mid Grown Main Grades.

Low Growns met with good demand. OP1/ BOP1s appreciated in value, whilst OP / OPAs gained in value too.

Demand continued for the 2nd E-Auction in the Ex-Estate catalogues. Best Western BOP / BOPFs tended irregular on quality. The below best gained Rs. 30 to Rs. 40 with the bottom moved up a further Rs. 10 to Rs. 20. Nuwara Eliya BOP / BOPFs were once again much dearer.

 


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