The Hindu Business Line : Prices down at Coonoor sales on low buying interest

PRICES were lower at the auctions held by the Coonoor Tea Trade Association (CTTA) held during the weekend on huge offerings, lack of buyers, including exporters.

The volume was high because of the postponement of the sales in the previous week.

The market was flooded with teas for the last eight days and the brokers were busy disposing of the unsold teas through private negotiations during the weekend.

In the Sale No: 16 - the latest e-auctions held by the CTTA - a volume of 11.38 lakh kgs was offered comprising 8.22 lakh kgs of leaf and 3.16 lakh kgs of dust grades. The absence of corporate buyers was conspicuous. The auctions saw the presence of a number of upcountry buyers from Gujarat, Maharashtra and Punjab markets, but they chose to bid lower due to less competition. Even the purchasers for the Defence consumption bought the teas only at the lower end - Rs 32 a kg.

Some grades shed as much Rs 5 a kg over the already weakened previous week.

Poland was seen actively buying plainer bolder grades including Pekoes and SBOPs paying around Rs 34 a kg.

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