The Hindu Business Line : Coonoor tea auctions face market corrections

Coonoor, Sept 28 Prices rose Rs 2 a kg generally even as some invoices held on to last week’s levels and some others struggled at Sale No: 39 of the auctions of Coonoor Tea Trade Association (CTTA).

“Market saw corrections with CTC brighter liquoring leaf grades remaining firm and some improved invoices fetching Rs 2-3 a kg more. Smaller fannings and brokens lost a rupee. Plainer teas were barely steady with poorer sorts suffering withdrawals. Whole leaf orthodox teas gained Rs 5-10. Leafy brokens were dearer by Rs 2. Fannings gained Rs 3-4. Improved CTC dust grades got Rs 2 more. Browner sorts eased Rs 1-2. Orthodox dusts gained Rs 2-4”, an auctioneer told Business Line.

Nearly 50 marks of CTC teas from bought-leaf factories remained in Rs 100 price-band. Some factories gained this level for more than one mark. BOPF leaf grade of Darmona Estate got Rs 127 a kg. “This was the highest price fetched by any CTC tea from any bought leaf factory not only this week, but so far in 2008 at CTTA auctions. This was also the highest price fetched by our factory since inception. Our previous high was Rs 122 fetched last week”, said Mr Dinesh Raju, Managing Partner, Darmona Estate and Tea Industry. In the dust market, Darmona’s RD grade got Rs 120 and PD Rs 117.

Professor got Rs 119 a kg, Warwick, Vigneshwar Estate, Kannavarai Estate and Shanthi Supreme Rs 117 each, Sree Tea Supreme Rs 116, Homedale Rs 114, Hittakkal Heritage, Kotagiri Estate and Waterfall Amrit Tea Rs 110 each.

Among orthodox teas from corporate sector, Havukal got Rs 152 a kg, Chamraj Rs 150, Craigmore, Pascoe’s Woodland and Glendale Rs 134 each, Curzon and Nonsuch Rs 132 each, Tiger Hill Rs 131 and Kairbetta Rs 130. In all, about 50 marks fetched over Rs 100.

Pakistan selected well-made blacker teas. Egypt and Iraq were strong on liquory sorts paying up to Rs 95 for select invoices, but West Asia generally and CIS shippers were active on medium grades at lower end of the market.

Among corporate buyers, Hindustan Unilever Ltd selected better medium leaf grades but did not buy in the dust market. Tata Tea Ltd bought good liquory sorts

Quotations held by brokers indicated bids ranging from Rs 70-74 a kg for plain leaf grades and Rs 90-98 for the brighter liquoring sorts. They ranged Rs 78-82 a kg for plain dust grades and Rs 100-112 for brighter liquoring sorts.