The Hindu Business Line : Sluggish demand pulls down Coonoor tea

SLUGGISH demand, unable to absorb the huge volume of 17.26 lakh kg offered for sale at the auctions of the Coonoor Tea Trade Association (CTTA) has pulled down the prices on an average by Rs 3 a kg over the previous week. Sizable volumes remained unsold and were withdrawn.

On the corporate front, Hindustan Lever Ltd (HLL) bought some better medium varieties. Other companies including Tata Tea, Duncans and GPI as also Indcoserve did not buy.

On the export front, some purchases were seen for the CIS and Poland markets for prices up to Rs 25 a kg. The shippers to Pakistan were highly selective and the few volumes bought fetched up to Rs 35. There was some selective buying for Iraq market.

Quotations held by the brokers indicated a price range of Rs 20-23 a kg for the plain dust grades and Rs 62-70 for the bright liquoring teas. For the plain leaf grades, the bids ranged, Rs 20-23 and for the bright liquoring teas, Rs 52-58.

Only around 3,000 kg out of 17.26 lakh kg on offer could fetch more than Rs 60 a kg.

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