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For the first time in several months, the volume sold at Coonoor Tea Trade Association has increased above 90 per cent.
At Sale No: 46 which concluded on Friday, as much as 92.28 per cent of the 16.81 lakh kg on offer was sold.
For over two months, 30-35 per cent of the offer had remained unsold. Last week, there was improvement but still, 22 per cent remained unsold.
“The sudden pressure from Pakistan this week helped us to liquidate stocks. However, Pakistan buyers showed keen interest only for the teas in the lower price bracket. Teas were picked up for Rs 60-75 a kg. In fact, because of this increased demand, some low-priced teas which were sold for Rs 65 last week were bought for Rs 75 this week,” an auctioneer told Business Line .
Low-priced teas were a favourite for the CIS, Egypt, Kenya, European countries and Bangladesh as well. As the global market is facing a glut of CTC teas with as much as 122 million kg of black tea in excess compared to this time last year, importers were choosy but ready to pick up teas when price was lowered.
The demand, however, helped the average price to rise to Rs 74.84 a kg from Rs 72.13 last week.
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