Weekly Market Reports
2020, Week 11
Tea Market Report from 09 to 13 March 2020
CTC:
Kenya:
The 10th sale of the year continued the trend of relentlessly high auction quantities that we have witnessed since the beginning of the New Year with an impressive 198,279 packages on offer this week, slightly up on the 196,918 of the previous week. As expected with astronomical quantum of teas around at the moment, bearish sentiments were demonstrated from the onset of the auction, whereby the all average hammer price shed by 7usc to close at 1.93USD. Despite, the dwindling market prices the demand remained high with only 13% out lots compared to 15% the previous week, with Chai, Global and CKL maintaining their top 3 position on the buyer’s list respectively. Overall, all grades were selling at steady to easier rates, with the exception of selected BP1’s which were irregularly firm to 14usc up, which can be attributed to activity from the Kazak’s and Sudanese. Activity on PF1’s was yet again driven by Pakistan packers who continued active on KTDA PF1’s, yet rates depreciated as the auction developed and EoRPF1’s settled 10-12usc lower, which was irresistible to the Afghan and Bazar buyers. With respect to the record January crop of 53,6mkgs, which is up 5,25mkgs from the same period in 2019, it appears that we can expect continued high auction quantities, which can heavily be attributed to the favorable growing conditions that have been witnessed recently.
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