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Colombo auction tea

prices ease on fall in demand

COLOMBO: Tea prices eased at the Colombo auctions for the second week running on lower demand, after a five-week bull run, broker Forbes and Walker said on Wednesday.

The Commonwealth of Independent States, whose heavy buying propelled Colombo auction prices to record levels, was selective, they said.

The anticipated gross sale average for the 3.07 million kg on offer fell to 102 rupees ($1.87) per kg from 108.30 rupees per kg last week, they said.

Brokers said prices had peaked at the March 26-27 auction, where the sale average was a record 109.40 rupees per kg.

The next sale is on April 17, when 4.1 million kg will be on offer.-Reuter