Financial Daily from THE HINDU group of publications
Tuesday, Oct 12, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 12, 2004 |
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Agri-Biz & Commodities
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Tea Tea down at Coonoor sale P.S. Sundar
Coonoor , Oct 10 PRICES dropped on an average Rs 2 a kg, when a volume of 11.7 lakh kg was offered for sale at the auctions conducted by the Coonoor Tea Trade Association (CTTA) here this weekend. The demand turned to be weak when the buyers complained of a general decline in the quality of the teas. Upcountry buyers were selective about many lines of teas. On the corporate buying front, Tata Tea did not buy. Hindustan Lever Ltd (HLL) was, however, forceful towardssome lines. Goodricke also re-entered the market for the better liquoring sorts.But exports suffered. There was no buying at all for Pakistan markets. Iraq buyers were subdued. Some picked up quality teas for Rs 45 a kg. Russian buyers were active in some odd lines only. Commonwealth of Independent Nations (CIS) and Poland buyers picked up bolder grades for Rs 46. West Asian buyers posed some useful competition in the brighter liquoring bolder leaf grades. Although the bids were low, the auctioneers thought it wise to dispose of as much teas as possible in the auctions. Accordingly, some 80 per cent of the offerings were sold.
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