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Author Topic: Demand for tea grows: 2011 will be a good year  (Read 2100 times)
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« on: September 21, 2010, 02:53:14 AM »

Demand for tea grows: 2011 will be a good year
By Steve A. Morrell
19 September 2010

Ceylon Tea Brokers PLC, Tea Market Report last week quoting a news item from ‘ The Economist Intelligence Unit’ said demand for Tea would rebound; particularly in Russia, the Middle East, Afghanistan, and the US. Fuelled by easier access to finance this year buoyancy in demand increased commercially, activating greater interest in the beverage. Not least, as indicated in these columns last month, that coffee was pricing itself out. Starbucks, it was reported, were whittling down its unproductive outlets.

The report further said falling prices and liberal financing shifts globally, provoked renewed interest in Tea . However in retrospect, net imports contracted by 2.6 percent in the international market last year and during the latter part of 2008 strongly influenced by the global economic downturn.

Meanwhile, the ninth session of the Joint Commission for Economic Corporation between Sri Lanka and Iran was held in Colombo last week. The agenda included discussion on trade, commerce, transport, energy , and other areas of common interest. Tea being a major export item to Iran was discussed in depth, according to the Asia Siyaka Weekly Tea market report.

Eastern Brokers reported that gross price averages increased this year to-date. The average price per kilo was Rs. 366.73 against Rs. 347.37 for the same period the previous year.

Brokers said prices moved with global demand, but 2010 was expected to be an exceptionally good year, subject to the vagaries of weather crop targets should be met , they said.

Demand was excellent, Brokers said.

Tea circles encouraged by Ministerial edicts recently that the industry would receive government support were guardedly optimistic Minister Mahinda Samarasinghe’s remarks that the industry had to move towards relocating to leader status did have enthusiastic responses. More so that dollar earnings should be at US$ 5 billion annually.

The Ceylon Tea Brokers’ report further said the El Nino syndrome prevalent over the preceding two years was now waning replaced by the opposite La Nina, with regular weather patterns expected .

Of the Ex estate categories mid growns were significantly high. Monte Christo in the Nawalapitiya, hills and Aigburth, at the Bulutota pass returned good prices. Each recorded about Rs. 400 per kilo. Hauteville in the Agras Valley too had good prices for their tea on offer.

Of the Western mediums, Kenilworth at the Ginigathhens Border, Craighead in Dolosbage, and velai Oya in the Hatton hills, had good prices at Rs. 500 per kilo.

Loolcondera, where tea was first grown in 1867, too had good prices this week. Loolcondera is in Pupuressa.

Of the Uvas, Aislaby in the Malwatta valley, Oodoowera, in Hali Ela, and Sarnnia, also in Hali Ela, did well selling at about Rs. 550. Per kilo.

‘You could expect good prices next week too’, Brokers said.

Source: The Island.lk http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=7069
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