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Prices hit a new low at Sale No: 45 of Coonoor Tea Trade Association auction averaging Rs 72.13 a kg. This was the lowest average so far this calendar. Prices crashed when the producers attempted to increase the sale volume in the backdrop of unsold teas piling up in the last few weeks. Nevertheless, teas worth Rs 3.10 crore remained unsold as there were no takers for as much as 23 per cent of the offer despite shedding Rs 3 a kg over last week.
Crosshill Estate tea topped CTC market at Rs 175 a kg. In all, 25 marks got Rs 125 and more. Chamraj topped orthodox market at Rs 225 . In all, 28 marks got Rs 125 and more.
Pakistan was selective in a wide range Rs 60-96 a kg and the CIS, Rs 60-73. As too many teas were chasing too few buyers in the global market, importers were choosy and showed little interest to bid high at Coonoor auctions.
As North India has 53 million kg more teas than last year, upcountry buyers have found teas there cheaper than in Coonoor auctions. So, domestic demand was inadequate at high bids.
Quotations held by brokers indicated bids ranging Rs 57-60 a kg for plain leaf grades and Rs 100-130 for brighter liquoring sorts. They ranged Rs 57-63 for plain dusts and Rs 120-165 for brighter liquoring dusts.
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