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P.S. Sundar

Coonoor, Nov 2 Market crashed like never before in recent times when the bulk of the year’s second highest volume of 14.51 lakh kg offered at Sale No: 44 of the auctions of Coonoor Tea Trade Association (CTTA) went unsold on insignificant demand despite shedding prices sharply.

Overall, 80-95 per cent of the various grades were withdrawn. Domestic traders said that fresh orders were yet to come from upcountry markets after Diwali celebrations. Disruptions in trade following Assam bomb blasts and floods in many States also curtailed purchases. Only a few exporters attended the auctions. “Arising from global fiscal crisis, importers are not prepared to pay high prices. Some of our LCs have been cancelled”, an exporter told Business Line.

Weak purchases for CIS were seen at Rs 64-68 a kg range – Rs 5 lower than previous week.

“Overall, this is a disastrous sale unheard of in recent times. In most cases, market is not quotable. Among the few lots sold, brighter liquoring CTC leaf lost Rs 5-6 a kg, popular better medium grades Rs 6-7, whole leaf orthodox Rs 8-10, secondaries Rs 5-7, others, Rs 10-15, brighter liquoring CTC dusts Rs 6-8, plainers Rs 10-15, orthodox dust fannings Rs 5-7”, an auctioneer detailed.

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