The Hindu Business Line : Prices drop at Coonoor tea auctions

Coonoor June 25 About 30 per cent of the 11.1 lakh kg of teas offered at Sale No: 25 of the auctions of the Coonoor Tea Trade Association (CTTA) last week went unsold for want of expected bids. Most offers could be sold only when the prices were lowered by Rs 3 a kg.

The buyers showed no haste to purchase at higher bids as the arrivals were increasing due to the recent rains. "This week's offer was the highest of the last six months. Next week, a volume of 12.43 lakh kg would come up for sale which would be the highest so far for the year. Together with the volume at the Teaserve auctions and the offer for private sale by the producers, there are some 20 lakh kg available in the market here now. So, we don't do any panic purchase now," a leading buyer told Business Line.

Quality teas, however, continued to fetch high prices. Among the CTC teas from bought leaf factories, Darmona Estate, sold by J Thomas and Co, continued to fetch high bids and the top price this week was Rs 106 a kg. Highfield Estate Special, Shanthi Supreme and Homedale Estate got Rs 82. Green View got Rs 81, while Vigneshwar Estate and Kannavarai got Rs 80.

Among the orthodox teas from corporate sector, Corsley got the highest price of Rs 112 a kg, followed by Thaishola and Curzon Rs 108, Prammas Rs 107, Kairbetta Rs 105, Glendale and Kodanaad Rs 104 and Chamraj Rs 102.

In general, the prices fell Rs 3 a kg over the previous week. "Brighter liquoring CTC leaf lost Rs 2-3. Medium BOP and BOPS grades shed Re 1. Smaller grades could be sold only when the prices were dropped Rs 3. Plainer teas lost Rs 2-3. Fannings grades suffered withdrawals. Bolder sorts eased Rs 1.50-2. Fibrous orthodox leaf lost Rs 3. Volumes of plainer CTC teas had to be withdrawn for want of bids. Orthodox dust residuals lost Rs 4," an auctioneer said.

On the export front, Pakistan was selective on well made brokens and fannings paying Rs 41 a kg. CIS shippers were silent on many invoices.