The Hindu Business Line : Coonoor tea prices drop Rs 2 a kg

Prices continued to register a fall of Rs 2 a kg on the average at Sale No: 29 of Coonoor Tea Trade Association (CTTA) here with the demand remaining inadequate to absorb the huge offer. About 30 per cent of the 12.23 lakh kg on offer went unsold.

For the third consecutive week, the bottom level stuck to Rs 34 a kg. But, quality sorts fetched higher bids. “Among the leaf grades, orthodox teas lost Rs 2 a kg. Medium CTC teas lost a rupee, but better grades gained up to Rs 3. Browner sorts lost Rs 2.

Among the dust grades, primary BOPDs lost as much as Rs 10-15. Other orthodox grades lost Rs 2. High priced CTC sorts managed to get Rs 3 more, but plainer sorts lost Rs 2. In general, while the quality invoices were picked up, most plainer sorts suffered withdrawals”, an auctioneer told Business Line.

Among the corporate buyers, Hindustan Uni Lever (HUL) selected the good medium varieties. Duncans bought better medium teas. JV Gokal gave useful support for whole leaf grades. IPL selected fannings.

Export buys subdued

Export purchases were subdued. Pakistan picked up blacker sorts for the range of Rs 36-40 a kg. CIS shippers selected bolder grades for around Rs 40 a kg. There was no purchase for any other country.