Prices of low grown Sri Lankan teas were largely higher at the latest auction thanks to strong demand, while high grown tea prices continued to fall in tandem with quality, brokers said on Wednesday.
The estimated gross sales average from the auction on Tuesday and Wednesday was 194 rupees ($1.87) per kg, down slightly from an average of 194.49 rupees per kg last week, Forbes and Walker Tea Brokers said.
Prices of high growns, like Broken Orange Pekoes (BOPs) from the high altitude Nuwara Eliya region, are expected to continue to decline gradually in coming weeks because the quality of some varieties has already passed its peak.
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