The Hindu Business Line : Tea prices slump at Coonoor sales

Coonoor, Oct. 8 Prices dropped to a new low of Rs 30 a kg at sale no. 40 of the Coonoor Tea Trade Association (CTTA) held here last week as the bids struggled to absorb the huge volume at high levels.

The volume of 12.04 lakh kg was the highest of the last 11 weeks. It was as much as 2.4 lakh kg more than the offer this time last year.

Most teas could be sold only when the prices dropped by Rs 2 a kg. But, quality teas found takers at improved prices.

Withdrawals

“Brighter liquoring teas fetched higher prices. Medium CTC leaf grades lost more than Rs 2 a kg. Plainer sorts lost Rs 2. Whole leaf orthodox teas eased Rs 3 to 5. Browner CTC dusts eased more than Rs 3. Teas with poor leaf appearance suffered withdrawals,” an auctioneer told Business Line.

But, broken orthodox leaf grades and fannings gained Rs 1 to 2. Primary orthodox dust grades were dearer by Rs 5 to 10. High priced CTC dust grades earned Rs 2 more.

Among the corporate buyers, Hindustan Unilever Ltd selected better medium teas. Girnar and JFK operated on orthodox dusts.

On the export front, the CIS and Poland shippers were selective. Pakistani shippers chose medium blacker teas. Among the CTC teas from bought-leaf factories, Darmona Estate got the highest price of Rs 82 a kg, followed by Vigneshwar Estate Rs 80. Homedale Estate got Rs 77, Highfield Estate Special Rs 74, Green View Estate Rs 73 and Hittakkal Estate Rs 71.

Quotations held by the brokers indicated bids from Rs 30 to 33 for the plain dust grades and Rs 57 to 71 for the brighter liquoring teas.