The Hindu Business Line : Coonoor tea prices steady

Coonoor, Dec. 30 The assassination of Ms Benazir Bhutto and the subsequent closure of markets in Pakistan following the eruption of violence upset Pakistani buying at the year-end auctions of the Coonoor Tea Trade Association (CTTA) here.

Pakistani buyers picked up blacker leaf grades on Thursday, but were sceptical to operate intensively on Friday at the dust auctions following news of the disturbance in business in the different parts of that country. They selectively bought some bolder dusts.

Wait and watch

“This is definitely not the time for us to speculate. The Indian Government has cancelled train and bus services to Pakistan. It is reviewing the security scenario in the entire South Asia. We have to wait for normalcy in business atmosphere there before we strengthen our procurement. Buyers have paid up to Rs 52 a kg for our export purchases this week. We need assurance on safe movement of tea and payment”, an exporter to Pakistan told Business Line.

Among other exporters, the CIS continued to be less active following harsh winter which has frozen the water ways. Its purchases were in the range of Rs 44 to 46. Poland also selected some leaf grades. Egypt made scanty purchases for up to Rs 51.

There was some 60 per cent withdrawal in the orthodox leaf category and 30 per cent in the CTC plainer grades for want of adequate bids. Gujarat supported high priced quality invoices. In sum, the market ruled steady with last week although the volume of 8.41 lakh kg offered was the lowest of 29 weeks.

In the Rs 100-plus category, among CTC teas from bought-leaf factories, only Darmona Estate figured. Its RD teas sold by J. Thomas and Co, was bought by Sri Murugan Traders for Rs 106 a kg. Homedale Estate fetched Rs 94, Selva Ganapathy Supreme Rs 85, Hittakkal Estate Rs 84, Vigneshwar Estate, Ella Estate and Green View Rs 83, Warwick and Professor Rs 82, Kannavarai Estate, Kotagiri Estate and Highfield Estate Special Rs 81 and Shanthi Supreme Rs 80.

Orthodox tea

Among the orthodox teas from corporate sector, Curzon got Rs 137 a kg, followed by Corsley Rs 124, Tiger Hill Rs 123, Havukal Rs 121, Kairbetta and Kil Kotagiri Rs 120, Glendale and Kodanaad Rs 119, Prammas and Mailoor Rs 117, Katary Rs 116, Quinshola Rs 114, Chamraj Rs 107, Craigmore Rs 105 and Erinkadu Rs 102.

Quotations held by the brokers indicated bids ranging from Rs 39 to 42 a kg for the plain leaf grades and Rs 62-74 for the brighter liquoring sorts. They ranged Rs 40-42 for the plain dust grades and Rs 65-82 for the brighter liquoring teas.