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Weekly market report week 1, 2016

Week 1, 2016

 

Tea market report 4–8 January, 2016

 

The year 2016 started in Mombasa by celebrating a record crop figure for November. Large buyers showed less appetite, resulting in an easier market with some grades sharply declining in price. We have received reports of good ongoing rainfall on both sides of the Rift which will support and perhaps prolong the flush.Blantyre’s auction figures are creeping up, resulting in easier prices although the auction started around last week’s valuations. Although the auction figures are creeping up, we received reports that over the period 30 November - 3 January there has been 20-40% less rain in the planting districts, compared to the same period last year. Forecasts however are positive and predict more precipitation.

 

Colombo’s year started with bullish demand and almost all grades traded at dearer rates. This, despite ongoing troubles in the traditional markets of Colombo, where currencies are under pressure due to various reasons. Probably even more important is the political instability in the region, where tensions hopefully will calm down this year. The low prices of the last time have attracted new buyers, searching value for money.

 

In Jakarta the year started slowly with less demand and easier rates. Like the last months the leafy types seem to escape the lower prices due to small quantities on offer. There has been good rainfall and auction quantities show an upward trend and hopefully availability will improve in 2016.

 

In Vietnam the plucking has stopped and the season is over. Early spring plucking is expected to start in about two months again and hopefully the bushes will have had a good rest. There is still tea availability and prices stay firm albeit the better types are finished.

 

The North Indian market was not consistent. In Calcutta CTC met good demand where the good liquors met fully firm prices, the orthodox market traded around last week’s levels. The CTC in Guwahati traded mostly easier.

 

In South India there was more consensus, CTC trading firm to dearer in all auctions. The orthodox teas met erratic demand, which can be seen in the volatile pricing throughout the market.

 

All of us at Van Rees wish you good health & prosperity for 2016!

 

“A dream doesn’t become reality through magic; it takes sweat, determination and hard work” – Colin Powell

 

(Source: www.vanrees.com)

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