Business Daily from THE HINDU group of publications
Wednesday, Apr 18, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Apr 18, 2007 ePaper |
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Agri-Biz & Commodities
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Tea Coonoor tea sales witness heavy withdrawals P.S. Sundar
Coonoor April 17 Prices continued to drop around Rs 2 a kg on the average with huge withdrawals of some grades when a volume of 8.36 lakh kg was offered for sale at the auctions of the Coonoor Tea Trade Association (CTTA) here. As much as 7.66 lakh kg comprised CTC and only 0.70 lakh kg orthodox variety. Again, as much as 6.12 lakh kg belonged to leaf grades and only 2.24 lakh kg dust grades. The volume was some 60,000 kg more than the offer at the previous week, but the demand was not wide-spread to absorb the increase at bids acceptable to the producers. "Although the demand was better for the brighter liquoring teas compared to the previous weeks, buyers looked for lower bids. So, the price-spread was irregular and some teas lost up to Rs 3 a kg. A large volume of PD grades remained unsold," an auctioneer said.
Exporters active
Exporters, however, marked their improved participation after prolonged subdued pickings due to VAT discord. Although the issue is yet to be resolved, they picked up teas to fulfil their commitments. "The exporters to CIS markets were active on the bolder grades. Iraqi shipper preferred the smaller grades. But, there was no mentionable buying for Pakistan," an auctioneer said.
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