The Hindu Business Line : Huge volume on offer at Coonoor tea auctions

Coonoor, July 2 Amidst transportation difficulties caused by the all-India lorry strike, producers are hopeful of selling a huge volume of 13.80 lakh kgs at Sale No: 27 of the Coonoor Tea Trade Association (CTTA) auctions to be held on Thurday and Friday.

This is the highest volume to be offered in any sale in more than two years except last week when the offer totalled 13.82 lakh kgs.

Matching demand

Matching demand“For over a month now, volume offered has been high, but the demand has been generally matching. Even now, we have orders, but are worried about moving the teas to the destinations. However, since this is all-India strike involving about five million lorries affecting all commodities, we feel that the Government would resolve the issue soon. Hence, we will be buying the possible volume this week”, a buyer told Business Line.

Of the total volume, as much as 13.43 lakh kgs are fresh teas. The balance comprises teas remaining unsold in previous auctions. Of the 13.80 lakh kgs on offer, as much as 9.80 lakh kgs belong to the leaf grades and 4 lakh kgs belong to the dust grades. Again, as much as 12.83 lakh kgs belong to CTC variety and only 0.97 lakh kgs, orthodox variety.

The proportion of orthodox teas continues to be low in both the leaf and dust grades. In the leaf counter, only 0.48 lakh kgs belong to orthodox while 9.32 lakh kgs, CTC. Among the dusts, only 0.49 lakh kgs belong to orthodox while 3.51 lakh kgs, CTC.

Prices have been posting an increase of Rs 2 a kg week after week over a month now despite huge offer because of export and domestic demand. Quality invoices are gaining handsome premiums.

Last week, the bottom line rose by Rs 2 to touch Rs 45 a kg. Quotations held by brokers indicated bids ranging from Rs 45-47 a kg for plain leaf grades and Rs 65-86 for the brighter liquoring sorts.

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