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For the second consecutive week, the offer for Coonoor Tea Trade Association auctions has fallen. A volume of 20.82 lakh kg will be offered for Sale No: 28 to be held on Thursday and Friday, reveals an analysis of brokers’ listing.
This is 9,000 kg less than last week’s offer. It is as much as 3.64 lakh kg more than the offer this time last year.
Of the 20.82 lakh kg on offer, 15.29 lakh kg belongs to the leaf grades and 5.53 lakh kg to the dust grades. As much as 19.26 lakh kg belongs to the CTC variety and only 1.56 lakh kg, orthodox variety.
The proportion of orthodox teas continues to be low in both the leaf and dust grades. In the leaf counter, only 0.92 lakh kg belongs to orthodox while 14.37 lakh kg, CTC. Among the dusts, only 0.64 lakh kg belongs to orthodox while 4.89 lakh kg, CTC.
The substantial portion of this volume comprises fresh teas totalling 17.54 lakh kg. About 3.28 lakh kg comprises teas which had remained unsold in previous auctions. The floods in Russia are impacting the movement of tea and, concomitantly, the purchases here.
Domestic buying is depressurised in the absence of stiff export competition. Last week, in the leaf tea auctions, Hindustan Unilever Ltd and Godfrey Philips India Ltd bought good medium varieties while Tata Global Beverages and Duncans Tea Ltd were selective. In the dust tea auctions, HUL, Tata Global and Godfrey were selective while Duncans did not operate.
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