Business Daily from THE HINDU group of publications
Tuesday, Jul 31, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 31, 2007 ePaper |
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Agri-Biz & Commodities
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Tea Coonoor tea prices touch 52-week low
P.S. Sundar Coonoor, July 30 Prices dropped to new lows at the Coonoor Tea Trade Association (CTTA) auctions on Friday with the demand remaining inadequate to absorb the volume at high bids. Prices, which had slumped to Rs 34 a kg in the last three weeks, dropped to the lowest level of 2007 at Rs 32 this week. Some teas were sold for Rs 32.50 and others at Rs 33, thereby collecting a substantial volume of plain teas in the ‘less than Rs 34’ bracket. Nearly 40 per cent of such teas went unsold as the buyers scouted for quality offers. In the case of others also, most invoices could be sold only when the prices dropped Rs 2 to 3 a kg.The volume of 12.08 lakh kg on offer was the lowest in the last five weeks. Upcountry demand was not spread evenly to all invoices. Among the corporate buyers, Hindustan Unilever Ltd (HUL) bought good medium varieties. The export demand was subdued.
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