The Hindu Business Line : Tea auctions in South take a hit

WITH tea buyers catering to western States staying away from the markets, the price levels at auction centres in the South (Kochi, Coonoor and Coimbatore) have started to drop.

The torrential rain in Mumbai has made it impossible for them to lift stocks.The dust tea price at the Kochi auction today slipped by Rs 3 a kg. Trade sources say the lorry strike in Kerala has added to the fall. They do not foresee any improvement in price levels at the Coonoor and Coimbatore auctions later this week.

The buyers for the western states fall under the central sales tax (CST) scheme and they are more active in Coonoor, where they usually account for nearly 40 per cent of the sales. But in the week just ended, trade sources say they bought a negligible two per cent and expected to buy none at all this week. Meanwhile, about 10,000 bags (40 kg/bag) of tea stocked at various places in Mumbai are believed completely destroyed after rainwater entered the warehouses.

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