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P.S. Sundar

Coonoor, July 10

Prices dropped to new lows at the auctions of the Coonoor Tea Trade Association (CTTA) held here as the demand was inadequate to absorb the huge volume at high bids. Only 40 per cent of the 12.6 lakh kg offered could be sold and in most cases, the sale happened only when the prices were dropped Rs 4 a kg. Panic-struck sellers disposed of their plain grades for around Rs 34 a kg — the lowest so far in 2007. Some odd invoices went for Rs 33.50 as well.

This was the highest volume offered so far this year and it was some 1.2 lakh kg more than the offer in the corresponding sale of last year. Buyers said that they did not have enough orders from upcountry markets.

Among the corporate buyers, Hindustan Uniliver Ltd (HUL) selected medium grades. Girnar bought smaller medium dust grades. JV Gokal picked up orthodox leaf teas.

Among the CTC teas from bought-leaf factories, Darmona Estate got the highest price of Rs 100 a kg. Homedale Estate came a distant second at Rs 86, followed by Green View Rs 82, Shanthi Supreme Rs 81 and Vigneshwar Rs 79.

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