COLOMBO, Nov 16: Sri Lankan tea prices were mostly weaker at auction this week, brokers said on Wednesday, as many buyers kept away expecting a lull in processing and packing as industry workers took time off to vote at Thursday’s presidential poll.
Best Pekoe teas fell by 10 to 15 rupees a kg, while the lowest quality teas were 5 to 8 rupees cheaper.
Forbes and Walker said the market saw selective interest from the UK and Japan, with good demand for low grown teas from the Commonwealth of Independent States, Saudi Arabia, Syria, Jordan, Iran and Dubai. Brokers said 5.8m kg were offered for sale this week, with 4.9m due to come under the hammer next week.
Last week, Sri Lankan Tea Board chairman forecast the island would produce more than 325m kg in 2005, beating a previous 2002 record of 310m kg, but global overproduction and underplanting in Sri Lanka would cut the crop in the years to come.—Reuters
