The Hindu Business Line : Coonoor tea prices drop on inadequate demand

Although the volume of 11.90 lakh kg offered for Sale No: 48 of the auctions of Coonoor Tea Trade Association on Friday was the lowest of the last 27 weeks, prices eased by Rs 3 a kg and substantial volume remained unsold as demand was inadequate to absorb the offer at the base price.

As much as 28 per cent of leaf and 27 per cent of dust offered remained unsold.

Among CTC teas from bought-leaf factories, Darmona Tea Industry fetched the highest price in both the leaf and dust markets. “In the leaf market, our Broken Orange Pekoe Fannings (BOPF) grade got the highest price of Rs 142 a kg. In dust market, our Red Dust (RD) got the highest price of Rs 132. In all, 5 of our grades got Rs 122.50 and more,” Mr Dinesh Raju, Darmona Managing Partner, told Business Line. Professor mark got Rs 131.50 with six grades fetching Rs 119 and more.

Homedale Estate got Rs 129, Vigneshwar Estate Rs 124, Blue Mont Estate Rs 122, Hittakkal Estate and Shanthi Supreme Rs 121 each and Kannavarai Estate Rs 120. In all, 51 grades fetched Rs 100 and more.

Among orthodox teas from corporate sector, Curzon got Rs 182, Corsley Rs 152, Prammas Rs 143.50, Kairbetta and Havukal Rs 141 each, Chamraj Rs 137, Singara Rs 129, Quinshola Rs 125, Glendale Rs 124, Mailoor, Katary and Craigmore Rs 120 each. In all, 22 grades fetched Rs 100 and more.

“Orthodox leaf teas eased Rs 5 a kg. There was fair amount of withdrawal even after that. High-priced CTC leaf market oscillated between easier and dearer by Rs 1-2. Mediums lost Rs 1-5 while plainers Rs 2-5. Quality orthodox dusts, however, gained Rs 2-5, but secondaries eased Rs 1-2. High-priced CTC dusts lost Rs 3-5, mediums Rs 1-3 and plainers Rs 4-5,” an auctioneer said.

Quotations held by brokers indicated bids ranging from Rs 64-66 a kg for plain leaf grades and Rs 88-120 for brighter liquoring sorts. They ranged Rs 66-68 for plain dusts and Rs 95-124 for brighter liquoring sorts.

Exporters were highly selective. Pakistan bought some cleaner blacker grades up to Rs 76 a kg.