The Hindu Business Line : Low volumes take Coonoor tea prices up

Coonoor, Nov. 11Prices rose on an average of Rs 3 a kg at the auctions of the Coonoor Tea Trade Association (CTTA) here on Saturday when the demand strengthened to absorb the low offer at high bids.

The volume of 11.24 lakh kg offered was the lowest of the last seven weeks even as the demand was competitive due to the Diwali festival in the North Indian States.

Buyers from Maharashtra, Gujarat, Rajasthan and Uttar Pradesh picked up quality teas.

“Strong demand prevailed for categories of orthodox teas.

Brokens

Leafy brokens fetched an additional Rs 2 to 3 a kg. Smaller brokens and fannings among the CTC leaf grades were dearer by Rs 1 to 2. Bolder CTC dust teas sold higher by Rs 1 to 2 a kg,” an auctioneer told Business Line.

But, primary orthodox dust grades lost Rs 3 to 4 a kg.

Export segment

On the export front, Pakistan reduced its purchases as the exporters showed reservation in the context of the political uncertainty.

CIS picked up bolder varieties for up to Rs 38 a kg, but most purchases were for the plainer grades at Rs 33.

Egypt bought well made fannings for Rs 40.

Poland shippers showed interest for some bolder brokens.

Leaf factories

Among the CTC teas from bought-leaf factories, Homedale Estate RD grade sold by Global Tea Brokers got the highest price of Rs 92 a kg.

This is the second highest price for the factory so far in 2007, the highest being Rs 93 in August.

Darmona Estate got Rs 85, Vigneshwar Estate Rs 80 and Hittakkal Estate Rs 78.

Among the orthodox teas from the corporate sector, Kodanaad and Corsley got Rs 108, Kairbetta Rs 106, Prammas Rs 105, and Curzon Rs 102.

Bid range

Quotations held by the brokers indicated bids ranging from Rs 32 to 35 a kg for the plain dust grades and Rs 60 to 80 for the brighter liquoring teas.

They ranged Rs 30 to 31 for the plain leaf grades and Rs 55 to 67 for the brighter liquoring teas.