Market Report: Week 6 (5 – 9 February 2024)

CTC Segment Highlights:

• Another large sale in Mombasa saw 300k pkgs on offer meeting fair demand, resulting in a 3cts lower average hammer price.

• Flavoury EoR BP1s saw selective demand, while KTDA WoR BP1s traded steady.

• Weather conditions remain normal, with sunny mornings and evening showers; crop intake remains steady.

• Limbe auction in Malawi saw good demand, with BP1s trading 2cts easier; PF1 sc traded below valuations.

• Jakarta auction for CTC teas witnessed fair demand, with most teas withdrawn.

Orthodox Segment Highlights:

• Colombo's sale recorded 4.8 Mn Kgs, with all categories meeting fair demand.

• Western BOPs continued to sell well, with improved demand for better grades.

• Nuwara Eliya and Uva BOP/BOPFs saw steady to marginally lower prices.

• Prices varied across grades, with certain categories seeing price gains.

• Weather conditions varied across planting districts, with bright mornings and afternoon showers reported.

• Middle East market remains active, with anticipated easing of demand by late February.

Upcoming Developments and Concerns:

• Overall auction average took a downward turn after 10 weeks of continuous upward movement.

• Expectations of delays at Colombo port due to congestion and possible shortage of containers during Chinese New Year.

• Jakarta auction saw steady to firm sales for Java/Sumatra Orthodox, with selected invoices selling at firm to dearer levels.

• Kolkata auction opened with strong demand, particularly for well-crafted whole leaf and broken varieties.