The Hindu Business Line : Domestic buyers outbid exporters at Coonoor sales

INCREASED competition posed at the auctions conducted by the Coonoor Tea Trade Association (CTTA) here this weekend by the buyers for the domestic market, virtually out-priced the exporters who had to struggle hard to meet their commitments.

And amidst the domestic buyers also, there was increased competition posed by corporate and big buyers including Hindustan Lever Ltd (HLL), Duncans, GPI and Tata Tea. Consequently, the buyers for Russian market complained that they did not have the offers matching the bids of the internal buyers. Commonwealth of Independent States (CIS) buyers were generally subdued. While the purchases for Pakistan market were negligible, there was no purchase for the Iraq market at all. Poland supported the bolder grades liker Pekoes and SBOP for Rs 44 a kg, while West Asia was the notable purchaser on the export front. They picked up SBOP, BOPL grades for Rs 70 a kg. Even the purchases for Kenya were subdued.

The result of the competition was a general push-up of the market by Rs 5 a kg. As much as one lakh kg of the 12.42 lakh kg, offered for sale this week, fetched over Rs 60 a kg.

"The best high grown orthodox brokens were sold for Rs 3 a kg more than last week. Orange Pekoes were higher by Rs 5. The better liquoring CTC brokens and clean black CTCs were dearer by Rs 5. The plainest were up by Rs 3. Nilgiri dusts gained Rs 7. The best liquoring CTC dusts and black clean dusts fetched Rs 5 more. The plainest of them were up by Rs 4," noted the market report of the Joint Brokers.

On an average, plain dust grades fetched Rs 39 a kg, while the better ones, Rs 52.