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Weekly market report

 

Week 44, 2014                                                           

 

Tea market report 27–31 October, 2014

 

The trend of the previous couple of weeks prevailed. Mombasa is showing some resilience and was again largely firm to slightly dearer and less tea out-listed. There was no sale in Limbe so nothing to report from that quarter. Colombo continued to be highly irregular but easier for the most part with a lack of concerted Middle East and Russian buying. Jakarta again slipped with 34% of the offering failing to attract buyer’s interest. North India saw better teas selling well but the medium and plain types eased further whilst in the south, going rates prove hard to sustain and prices drifted easier.

 

The weather and growing conditions around the world continue conducive to tea growth. Kenya is enjoying heavy rain in all planting districts which is perfectly normal for the short rains season. Malawi is dry but there are increasing signs of cloud build-up. Sri Lanka is seeing good growing conditions and our sympathy goes out to the victims of the mud slide at Koslanda. Indonesia is dry, Vietnam is heading towards the close of the season and some pruning has started, North India is humid and quite warm with excellent crop outturns prevailing. The season in Argentina appears to be on schedule.

 

Global crop in 2014 seems more than likely to exceed the record of 2013 and we doubt that global consumption is keeping up with the increase; one only has to look at current prices to see this confirmed. There are only 2 months remaining in 2014 and we cannot see any reason for any change to current market conditions.

 

We like this:

 

"Expecting the world to treat you fairly because you are good is like expecting the bull not to charge because you are a vegetarian.”



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