{"id":64609,"date":"2021-05-14T17:02:54","date_gmt":"2021-05-14T17:02:54","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=64609"},"modified":"2021-05-14T17:02:54","modified_gmt":"2021-05-14T17:02:54","slug":"rupee-devaluation-high-shipping-rates-hurt-tea-prices-at-colombo-auctions-by-steve-a-morrell","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/rupee-devaluation-high-shipping-rates-hurt-tea-prices-at-colombo-auctions-by-steve-a-morrell\/","title":{"rendered":"Rupee devaluation, high shipping rates hurt tea prices at Colombo auctions-by Steve A. Morrell"},"content":{"rendered":"<h1 class=\"mvp-post-title left entry-title\" style=\"text-align: center;\"><span style=\"color: #008080;\">Rupee devaluation, high shipping rates hurt tea prices at Colombo auctions-by Steve A. Morrell<\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-61581 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/04\/Sunday-Island.jpg\" alt=\"Sunday Island\" width=\"517\" height=\"146\" \/><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">The Sri Lankan rupee weakening against the US dollar coupled with surging shipping rates reflected adversely on tea prices at the Colombo auctions.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">This contributed to regressive price trends in Colombo, Forbes &amp; Walker (F&amp;W) said in its weekly Tea Market report.<\/span><\/p>\n<p align=\"LEFT\"><!--more--><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">The average for April 2021 was Rs. 627. 41 in comparison to Rs. 689.18 the corresponding month in 2020, indicating a minus variant Rs. 61. 77.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Brokering sources collectively said such price trends could result in negative market conditions seriously affecting profits at producer levels.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">The depreciation of currencies in importer countries also contributed to depleting prices in Colombo apart from other allied trading disruptions, they said.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Commenting on the National auction average for April 2021, JKH Tea Brokers warned that the declining trend caused by the fall of the rupee against the dollar would trigger further minuses that could be foreseen at future auctions as well.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">They said all elevations showed minus variances with low growns recording a higher minus variance of Rs. 93.43 per kilo.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Nevertheless, commenting on positive results for flowery grades at last week\u2019s auctions, they said these grades fetched prices ranging from Rs. 2,300 to Rs. 3,000. per kilo. Quantities, although relatively small, impacted on the overall prices for the week.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">The better known garden marks in the Uva High catalogue showed quality trends setting in with prices of Rs. 800 or more. Some Nuwara Eliya garden marks as well were in the Rs. 950 range of the price table.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Comparing production in most tea producing countries, China, India and Kenya were among the first three in production position in the world. Sri Lanka, producing 278.7 million kilos, was fourth in line.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Tip world producers include Indonesia, Bangladesh, Vietnam, Malawi, Uganda, and Tanzania, apart from Argentina supplying Tea to the US market.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Sri Lanka also exports to the US market but in irregular quantities.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rupee devaluation, high shipping rates hurt tea prices at Colombo auctions-by Steve A. Morrell The Sri Lankan rupee weakening against the US dollar coupled with surging shipping rates reflected adversely on tea prices at the Colombo auctions. This contributed to regressive price trends in Colombo, Forbes &amp; Walker (F&amp;W) said in its weekly Tea Market [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":61581,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[34614,34615],"class_list":{"0":"post-64609","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-forbes-walker","9":"tag-jkh-tea-brokers","10":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rupee devaluation, high shipping rates hurt tea prices at Colombo auctions-by Steve A. 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