The Hindu Business Line : Coonoor tea prices drop on huge volume

Prices dropped Rs 2 a kg at Sale No: 18 of the auctions of Coonoor Tea Trade Association (CTTA) here when the demand was inadequate to absorb the huge offer at high bids.

The offer of 11.87 lakh kgs was the highest of the last 26 weeks. With the 24-year high March rain improving the prospects of the arrivals in the weeks to come, buyers showed no urgency to pick volumes. The new-season North Indian teas have started hitting the upcountry market. “The extreme summer heat in almost every part of the country has reduced the intake of hot tea, more so, in restaurants and tea shops. So, we don’t have larger orders on hand for plainer grades. Quality offers are our priority”, a buyer told Business Line.

“Brighter liquoring CTC leaf teas sold dearer by Rs 2-4 a kg, following keen competition. Smaller brokens and fannings were dearer by Rs 1-2, but plainers suffered withdrawals even after shedding a rupee. Indifferent quality orthodox leaf teas also suffered withdrawals despite discounting the price by Rs 3-4. Nominal weight of BOPFs eased Rs 2-3. Clean blacker CTC dusts lost Rs 3-4, while others Rs 1-2. Some primary orthodox dusts lost Rs 3-5. Secondary and finer dusts eased Rs 1-2”, an auctioneer said.

This week also, no CTC brand of bought-leaf factories crossed Rs 100 a kg. Darmona Estate continued to top at Rs 96. Greenview Estate and Hittakkal Estate got Rs 87, Vigneshwar Estate Rs 86, Homedale Estate Rs 85, Selva Ganapathy Supreme Rs 84, Professor and Shanthi Supreme Rs 83, Kannavarai and Ella Estate Rs 82, Garswood Estate Rs 81, Highfield Estate Special, Sree Tea Supreme, Aroma Estate, Shanthi Supreme and Deepika Supreme Rs 80.

Corporate sector

Among the orthodox teas from corporate sector, Chamraj got Rs 120, Corsley Rs 114, Colacumby Rs 109, Curzon Rs 105 and Prammas Rs 102.

Quotations held by the brokers indicated bids ranging from Rs 45 to 47 a kg for plain leaf grades and Rs 66-85 for the brighter liquoring sorts.

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