Financial Daily from THE HINDU group of publications
Tuesday, Apr 05, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 05, 2005 |
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Agri-Biz & Commodities
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Tea Coonoor tea prices drop on low demand P.S. Sundar
Coonoor , April 4 TEA prices dropped due to lack of sufficient demand when a volume of 10.87 lakh kg was offered for sale at the auctions conducted by the Coonoor Tea Trade Association here this week-end.
Buyers said uncertainty arising from the implementation of VAT and the closure of markets in some States due to the traders' VAT agitation restricted the orders. Besides being the year-end, there is a general crunch in cash flow. Hindustan Lever Ltd offered support for the bright liquoring grades. J.V. Gokul selected the bolder varieties. Most other corporate buyers were dormant. Indcoserve bought some better medium teas of smaller grades for its Ooty Tea project. Exporters too disappointed the producers. Buyers for the Pakistan market, however, chose the cleaner and blacker varieties, paying around Rs 45 a kg. The shippers for the Poland and CIS markets picked up the medium or plainer grades, but offered around Rs 2 less. There was no buying for Iraq. The medium type CTC leaf grades lost up to Rs 1.50 a kg. The buyers mostly neglected the plainer grades on offer. The CTC dust market, however, saw some grainier teas fetching Re 1 a kg more than the last week.
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