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The New Year brought some cheer to traders at the Kochi tea auctions, which witnessed a surge in prices, especially for leaf varieties, in the first sale.
Traders cited better export enquiry and procurement for North Indian market for lifting prices in sale 1, evident in the average price realisation that went up to ₹158 per kg from ₹149 in the previous week. Sales were good with 94 per cent of the offered quantity of 2,05,579 kg sold.
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Traders said the commencement of off season in North Indian markets has forced buyers to start procuring leaf from South Indian auctions and this would further push up prices in the forthcoming trade. Exporters confined themselves mainly to orthodox leaf while upcountry buyers focused on CTC leaf.
Robust demand for whole leaf, brokens
The market for Nilgiri whole leaf appreciated by a longer margin of ₹5 to ₹10. There was robust demand for whole leaf and brokens, which was dearer by ₹5 to ₹10, said auctioneers Forbes, Ewart & Figgis.
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CTC leaf market was also good with prices for brokens and fannings appreciating by ₹5 to ₹7. It also witnessed some withdrawals due to low bid or lack of bid. The quantity offered was 79,500 kg with active participation of upcountry buyers.
However, CTC dust market was steady to firm and sometimes dearer by ₹2 to ₹3. The quantity offered was 10,75,823 kg. High-priced teas witnessed some resistance, which was irregular and lower, following quality. The average price remained at the same level of ₹175 quoted last week.
There was improved demand from Kerala loose tea traders and upcountry buyers.
For orthodox dust, exporters were the major stakeholders. The total quantity offered was 16,500 kg. The market for primary teas remained steady, while others were irregular and lower.