The Hindu Business Line : Prices decline on huge offerings at Coonoor sales

PRICES declined sharply at the auctions conducted by the Coonoor Tea Trade Association this week with buyers taking note of the increased crop arrival and prospects.

"As much as 11.38 lakh kg are on offer this week. For the next sale, it will be 14.05 lakh kg. With good showers in Kotagiri, Coonoor, Gudalur and the Ooty tea growing belts, the crop prospects are bright. Besides, with the huge volume withdrawn from earlier auctions coming up for sale in the coming weeks, there is no urgency for us to bid more now," a leading buyer told Business Line.

Among the corporate buyers, Hindustan Lever Ltd was active, but it showed interest mostly in the better medium leaf grades.

J.V. Gokal and Madhu Jayanthi showed selective demand. Export enquiries were slack. Siewert Dholakia showed stray enquiries. Poland buyers picked up the bolder grades for Rs 34 a kg.

There was a limited enquiry from Russia.

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