Home
Register
ECONOMYNEXT- Sri Lanka’s tea prices rose sharply at an auction held amid Coroanvirus curfews with a falling rupee, strong demand from abroad and tight supplies after dry conditions in farming areas, an industry officials said.
“With the auction prices we can see that there’s a huge demand for Sri Lankan tea,” Dinesh Fernando, Executive director, Ceylon Tea Brokers said.
“We say that because usually the market price moves up by around 10 or 20 rupees and very rarely by 30 to 40 rupees.
“We see some teas have gone up more than 150 rupees.”
Prices have gone up across the board, from low, mid to high growns. Sri Lanka did not have an auction on March 25 as scheduled over anti-Coronavirus measures.
The first automated e-auctions in place of physical auctions is now being adopted, changing a 137 year old tradition in a bid to continue operations
Export Demand
Unlike other export industries tea had not seen a fall in demand from foreign buyers, though volumes were down.
“However, due to the lapse there is now a ‘tea starvation’ in play too,’ Fernando said. “Since the rupee depreciated automatically the market will move up in price because of it.”
“There are more inquiries from other countries for tea and they have not cancelled any of the orders placed two weeks ago, “he said.
“Demand was still in place despite a lapse of almost 15 days without an auction
Meanwhile, active participation from buyers were seen in the e-auctions held so far.
Bigger and smaller buyers were equally active.
Tight Supplies
Fernando said that unfavorable weather impacted the output however, though the government was encouraging the plantations sector to run during curfews.
“The government has given special preference to tea sector,” he said. “Therefore, we manage to carry out trading where the factories send us the consignments and the buyers also have got their curfew passes for collection.”
Tea brokers currently are working with a skeleton while practicing social distancing within their work.
The rising prices will help improve cashflows of the industry he said.
Tea factories are expected to close from April 10 to 16 for the Sinhala and Tamil New Year. (Colombo/Apr08/2020)
“With the auction prices we can see that there’s a huge demand for Sri Lankan tea,” Dinesh Fernando, Executive director, Ceylon Tea Brokers said.
“We say that because usually the market price moves up by around 10 or 20 rupees and very rarely by 30 to 40 rupees.
“We see some teas have gone up more than 150 rupees.”
Prices have gone up across the board, from low, mid to high growns. Sri Lanka did not have an auction on March 25 as scheduled over anti-Coronavirus measures.
The first automated e-auctions in place of physical auctions is now being adopted, changing a 137 year old tradition in a bid to continue operations
Export Demand
Unlike other export industries tea had not seen a fall in demand from foreign buyers, though volumes were down.
“However, due to the lapse there is now a ‘tea starvation’ in play too,’ Fernando said. “Since the rupee depreciated automatically the market will move up in price because of it.”
“There are more inquiries from other countries for tea and they have not cancelled any of the orders placed two weeks ago, “he said.
“Demand was still in place despite a lapse of almost 15 days without an auction
Meanwhile, active participation from buyers were seen in the e-auctions held so far.
Bigger and smaller buyers were equally active.
Tight Supplies
Fernando said that unfavorable weather impacted the output however, though the government was encouraging the plantations sector to run during curfews.
“The government has given special preference to tea sector,” he said. “Therefore, we manage to carry out trading where the factories send us the consignments and the buyers also have got their curfew passes for collection.”
Tea brokers currently are working with a skeleton while practicing social distancing within their work.
The rising prices will help improve cashflows of the industry he said.
Tea factories are expected to close from April 10 to 16 for the Sinhala and Tamil New Year. (Colombo/Apr08/2020)
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?