The Hindu Business Line : Downtrend in Coonoor tea auction

PRICES failed to rise at the auctions of the Coonoor Tea Trade Association (CTTA) despite the volume dipping to 9.98 lakh kg - the lowest in seven months - as the demand was inadequate.

"Brighter liquoring teas and the better medium grades witnessed only limited demand from the upcountry buyers. We had to reduce prices to dispose them off, when the sellers were not willing to reduce the prices, and the offers suffered withdrawals. In some cases, the teas were from factories that have gone in for quality upgradation, but are unfamiliar with the buyers. We hope to sell these teas in the coming weeks at relatively higher prices," an auctioneer told Business Line.

Some buyers contended that the festival laziness has caught up the upcountry markets. "We don't have much of an order till Diwali," a leading buyer for Maharashtra markets said.

Teas catalogued to fetch Rs 45-50 a kg were irregularly sold for around Rs 2 less.

Plainer and medium teas managed to retain last levels, but those with poor leaf appearance could not withstand.

HLL supported better medium varieties. Tata Tea was selective. Other corporate buyers were silent. The Defence buyer also operated on select grades.

On the export front, CIS buyers picked up black smaller grades for up to Rs 27 a kg. The exporters to West Asia markets picked up BOP, BOPL, and BOPS grades for around Rs 29.

The shipper for Iraq bought teas up to Rs 33. Pakistani buyers picked up cleaner blacker sorts paying up to Rs 37. Many such teas were bought for around Rs 33.

Some 7,000 kg fetched over Rs 60 a kg. Darmona Estate topped the CTC teas from bought leaf factories fetching Rs 81.11 a kg. Vigneshwar Estate came second at Rs 71.16.

Among the orthodox teas, Corsely topped at Rs 132 a kg. Kodanaad estate came second at Rs 123.06. Curzon got Rs 119.60 and Havukkal, Rs 119.

Quotations held by the brokers indicated bids ranging from Rs 24 to Rs 26 a kg for the plain dust grades and Rs 58 to Rs 68 for the brighter liquoring ones. For the plain leaf grades, the bids ranged from Rs 23 to Rs 25 and Rs 54 to Rs 61 for the brighter liquoring ones.

Coimbatore tea sale: Tea prices witnessed a steady to dearer trend following fair demand at the Coimbatore auction held last week, trade sources said.

With fair demand both for orthodox and CTC leaf, prices ruled around last level and medium categories occasionally appreciated, they said.

In the dust category, better demand for plain and medium CTC varieties firmed up the prices and ruled dearer by Rs 1.50 per kg while primary orthodox dusts maintained around the previous level.

Exporters in CTC grade were active, with fair enquiry from internal buyers, the sources said.

Medium orthodox leaf brokens quoted at Rs 38-46, while best CTC brokens at Rs 40-45 per kg. Best CTC dust ruled at Rs 55-65, good at Rs 45-53, and medium CTC dust between Rs 27-Rs 35, they said.

Of the total offering of about 5.16 lakh kg, leaf grades made up 2.60 lakh kg, the sources said, reports PTI.

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