Improved offerings lead to price correction in Kochi tea auctions

Improvement in offerings in Kochi tea auctions resulted in a correction with average price realisation reporting a drop of more than ₹10 in CTC dust grades.

The offered quantity in sale 49 was 6,71,929.60 kg and the market was lower by a longer margin of ₹10 to ₹15 and sometimes even more. It also witnessed some withdrawals due to low bid or lack of bid. Kerala State Civil Supplies Corporation absorbed lesser quantity compared to last week, while there was subdued demand from loose tea traders and upcountry buyers, the auctioneers Forbes, Ewart & Figgis, said.

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The average price realised was ₹189 per kg compared to ₹201 in the previous week. Exporters operated at the bottom of the market and covered negligible quantity.

The market for orthodox dust remained barely steady and tended to ease. The quantity offered was only 5,500 kg. Export enquiries were few, while Indcoserve, the apex body of industrial co-operative tea factories in the Nilgiris, and upcountry buyers, were the main stakeholders.

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In the leaf category, the market for select best Nilgiri whole leaf and brokens in orthodox was firm to dearer. The remainder was irregular and lower, witnessing some withdrawals. The quantity offered was 2,32,098 kg. Exporters to CIS countries and the Middle East lent fair support.

In CTC leaf, the market for brokens and Fannings was lower by ₹5 to ₹10 and sometimes more. It also witnessed heavy withdrawals due to low bids or lack of bids. The average price remained at the same level of ₹159 per kg reported in the previous week.