Financial Daily from THE HINDU group of publications
Tuesday, Jul 12, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 12, 2005 |
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Agri-Biz & Commodities
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Tea Prices rise at Coonoor sales on demand P.S. Sundar
Coonoor , July 11 THE return to the manual auctions, stoppage of the private and out-lot sales and a pick up in the demand for low-priced teas led to increased sales and a marginal improvement in prices at the auctions of the Coonoor Tea Trade Association (CTTA). The brokers told the buyers that they would sell the entire volume of 17.43 lakh kg only through the auctions and nothing outside even if the bids failed to match their expectations. For the first time since the introduction of the compulsory e-auctions by the Tea Board, the Board allowed the CTTA to conduct the entire auctions manually through the traditional outcry system this week. Prices improved by Rs 2 to 3 a kg. Plain teas that were sold for Rs 24 a kg in the previous weeks fetched Rs 27 this week. On the export front, Iraq bought some teas for Rs 27 a kg. Pakistan bought for Rs 35.
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