Tea Market Report October 27 to October 31, 2008
Markets this week - Mombasa had a mediocre session with all categories losing ground and a fairly heavy 16% came out. The auction in Blantyre was better than last week with a wider spread of demand but 53% still came out. Jakarta was lower for both orthodox and CTC. The markets in south India lost a little more momentum whilst Chittagong declined slightly. The weather reports this week again indicate fairly regular seasonal conditions in the tea growing regions. North America has been quite active and is keeping a sharp eye on Argentina as the season cranks up. The EU and UK markets slowed down in their favoured centres. Pakistan packers bought a fair quantity in Mombasa and we saw continued but cautious buying from Afghanistan dealers and Karachi bazaar. Egyptian buyers more or less held their purchasing rate in Mombasa but the quantity of suitable types was too big for them to absorb and prices eased. Middle East activity in Colombo was very selective to almost non-existent. Poland has seen slow wholesale and retail sales while in Russia, the weather is warm for the time of year and tea consumption is moderate.
North India has seen scattered showers with steady temperatures and crop is moderate. In Kenya, both side of the Rift have seen good rainfall and crop is increasing. In Malawi, the weather has been mostly dry in the growing districts and crop is seasonally low but the clouds are building up and rain is about in the region. In Sri Lanka, all districts have enjoyed useful rainfall and crop will be higher. Indonesia reports more rain and crop is creeping up. Vietnam is seeing cooler weather and crop is slowing down as winter approaches. China is autumnal and Oolong production has started.
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