The Hindu Business Line : Tea prices drop at Coonoor sales on lack of demand

PRICES dropped at the auctions conducted by the Coonor Tea Trade Association (CTTA) this week with the demand inadequate to absorb the entire volume of 8.75 lakh kg on offer at fair prices.

Consequently, brighter liquoring and high priced teas could not be sold. Some such teas had to be withdrawn for want of the required bids. Only about 40,000 kg of such teas could be sold.

Even the highest price came down by Rs 5 a kg to reach Rs 78 for Darmona Estate, amidst the CTC bought leaf teas. IBS Estate got Rs 72, Garswood Estate, Rs 68, Hittakkal Estate, Rs 66 and Vigneshwar Estate, Rs 65. On the export front, Iraq, which had shown keen interest in the recent past, was subdued. CIS buyers paid Rs 37 a kg for the brighter small grades, while Poland paid Rs 36 - some Rs 2 a kg lower than last week. Buyers for the Pakistani market did not pay more than Rs 40.

Exporters for the Kenya market, however, picked up smaller bolder grade dust teas for Rs 41 a kg.

Orange Pekoes were dearer, best high grown fannings lost about Rs 4 a kg and best whole leaf orthodox, Rs 5 lower. Good liquoring CTC brokens were cheaper by Rs 2 a kg and fannings, Rs 1. Smaller CTC brokens eased by Rs 2, while other orthodox dusts and dusts Rs 1.50 a kg. Leafy CTC brokens, however, managed to earn 50 paise a kg more. ,noted the market report of the Joint Brokers.

Overall, the plainer dusts averaged Rs 34 a kg, while the better ones, Rs 44. Plainer leaf grades averaged Rs 33, while the better ones Rs 39.