The Hindu Business Line : Coonoor tea prices fail to improve despite low offer

THERE was no marked improvement in prices at the auctions of the Coonoor Tea Trade Association (CTTA) on Friday, although the volume of 10.98 lakh kg on offer was the lowest of the last seven months.

More teas could be sold only when the prices were lowered. Buyers said that there were enough teas in stock and they were yet to get fresh orders after the puja holidays.

"The demand was not adequate although there was a fair spread of enquiry. Many lots of better medium teas received only select enquiries. The bulk of such teas had to be withdrawn for want of suitable bids," an auctioneer told Business Line.

The brighter liquoring teas also suffered in price because the buyers complained of a fall in quality. However, some grades of the dust teas in this category managed to fare well.

Exporters continued to support the market. Pakistani buyers picked up clean black teas paying up to Rs 37 a kg. Iraq bought the smaller grades - BP, BPS - for around Rs 32. CIS and Russian exporters bought at rates up to Rs 33 a kg.

On the corporate front, HLL showed interest in the better medium varieties. Tata Tea was seen selecting only some grades. The buyer for Defence supplies was also selective.

Quotations held by the brokers indicated bids ranging from Rs 22-24 a kg for the plain leaf grades and Rs 57-61 for the brighter liquoring teas. For the plain dust grades, the bids ranged from Rs 23-25 a kg and for the brighter liquoring grades Rs 58-70.

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