Weak demand, big volumes lower Kenyan tea prices

Kenyan tea prices were mostly weaker at this week's auction, owing to dampened demand, higher volumes and falling quality, dealers said on Wednesday.
The auction was held on Tuesday in the coastal resort of Mombassa, but results were not available until on Wednesday.
Traders said demand was fair and declined as the sale progressed, with many buyers withdrawing.
"It was a much weaker market," said an official with Africa Tea Brokers. "The quality is dropping pretty fast." Dry, sunny weather followed by recent strong rains have made the bushes grow faster than normal, dropping the quality, the official said.
Pakistan Blenders showed the most interest, while Egypt, Sudan, Yemen, the Middle East, Russia, Eastern Europe, the Bazaar and Afghanistan were interested but at lower levels, traders said.
Britain was more selective, while Somalia was more active. ATB said 86,280 packages of main and secondary grades were offered at the auction, compared to 75,044 last week. There were 10,360 packages, or 12 percent, that remained unsold.
Top and bottom prices for Brighter Best-Broken Pekoes Ones (BP1s) at the auction ranged $2.26-$2.37 per kg, compared to $2.24-$2.39 last week. Brighter Best Pekoes Fanning Ones (PF1s) were stronger at $1.82-1.91 per kg, from $1.80-$1.89 last week.