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Teas worth Rs 6.17 crore remained unsold at Sale No: 44 of Coonoor Tea Trade Association auction as there were no takers for as much as 42 per cent of the offer despite reducing the average price to Rs 74.62 a kg – the lowest level so far in 2013.
Prices dropped on an average by Rs 3 a kg over last week. Homedale Estate tea, auctioned by Global Tea Brokers, topped CTC market when Mittal Tea Co bought it for Rs 183.
Vigneshwar Estate got Rs 178, Crosshill Estate and Shanthi Supreme Rs 166 each and Hittakkal Estate Rs 165. In all, 31 marks got Rs 125 and more.
Chamraj topped orthodox market at Rs 235 followed by Coonoor Tea Rs 199, Kodanad Rs 190, Prammas Rs 186. In all, 44 marks got Rs 125 and more.
Upcountry markets were closed for Diwali celebrations. Besides, teas were available at lower prices in North India. So, domestic demand was inadequate at high bids.
Pakistan Selective
Pakistan was selective in a wide range Rs 61-108 , but with excess teas in global market, importers from all countries showed no interest to bid high. With about 122 million kg more tea in global market, importers were choosy.
Quotations held by brokers indicated bids ranging Rs 60-62 for plain leaf grades and Rs 115-140 for brighter liquoring sorts. They ranged Rs 66-70 for plain dusts and Rs 120-170 for brighter liquoring dusts.
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