The Hindu Business Line : Coonoor tea prices continue to rise

Prices rose on an average Rs 2 a kg over the previous week at Sale No: 24 of the auctions of the Coonoor Tea Trade Association (CTTA) on Friday with the demand remaining adequate to absorb the huge offer of 13.32 lakh kg – the highest for any single week in more than two years.

Pak buying

For the third consecutive week, Pakistan was the mainstay of the CTC leaf market. Pakistan, which has been, for long, the single largest importer of Kenyan teas (28 per cent of Kenya’s total exports), has reduced its intake at Mombassa auctions arising from short supplies and high prices.

Egypt, kenya

With Kenyan production estimated to have fallen by 40 million kg, prices rose to $2.74-3.28 a kg. At current exchange rates, Pakistan has to pay Rs 129 a kg at Mombassa, but it purchased teas at Coonoor for a maximum of Rs 72. It was selective in the CTC dust sale. Egypt bought good medium smaller brokens ands fannings for Rs 62-65 a kg. The lone Tunisian buyer bought smaller brokens and fannings paying Rs 65-70. CIS picked up bolder varieties up to Rs 52. Poland confined to Rs 43-45 range.

In the upcountry purchase, some disturbance was seen because of Gujjar stir curtailing movement in Rajasthan-Delhi belt. There was some buying for Defence consumption. “Bright liquoring, better medium and medium CTC leaf grades were dearer by Rs 2 a kg. Plainers gained Re 1. Whole leaf orthodox appreciated Rs 4 and leafy brokens Rs 2-3. Others got Rs 1-2 more. Leafy broken CTC dusts gained Rs 2-3. But, powdery orthodox dusts lost 50 paise to a rupee”, an auctioneer told Business Line. Darmona Estate created a new record when its BOPF leaf grade fetched Rs 110 a kg. This was the highest price fetched by any leaf grade CTC tea sold by any bought-leaf factory so far in 2008.

BOP Leaf grade

Its BOP leaf grade fetched Rs 102. Homedale Estate got Rs 97, Green View Estate Rs 88, Deepika Supreme and Vigneshwar Estate Rs 87, Highfield Estate Special Rs 86, Professor Rs 85, Selva Ganapathy Supreme, Hittakkal Estate and Ella Estate Rs 84, Aroma Estate Rs 82 and Kannavarai Estate Rs 81. Among the orthodox teas from corporate sector, Chamraj got Rs 117 a kg, Corsley, Colacumby and Havukal Rs 107, Kairbetta Rs 102, Tiger Hill Rs 118, Curzon and Glendale Rs 100.