Agri Business

Prices at Coonoor auctions fall for third week in a row

Our Correspondent Coonoor | Updated on September 30, 2020 Published on September 30, 2020

Prices at the auctions of Coonoor Tea Trade Association have fallen for the third consecutive week, after skyrocketing to new records since June. In the last three weeks, average prices have fallen by as much as ₹23 a kg.

More distressingly, in the last two weeks, teas worth ₹38.85 crore remained unsold at the auctions because there were no takers for as much as 40-45 per cent of the offer. Producers were forced to sell these at a discounted price privately.

Prices skyrocketed in the previous months due to reduced availability following a massive fall in production, especially in North India, because of unfavourable weather and the lockdown.

However, now, upcountry buyers are hesitant to bid contending that prices had been rising to all-time high levels in the last few weeks. Some trader bodies have urged the government to take soft action towards imports to tame the prices of indigenous teas.

In the latest auctions — Sale No 39 — the Red Dust grade of Homedale Tea Factory, auctioned by Global Tea Brokers, topped the auctions when Badhusha Tea Company bought it for ₹ 313 a kg.

This was the only grade which crossed ₹300/kg mark among all the teas, CTC or orthodox, from corporate or bought leaf factories.

In the CTC leaf tea auctions, Homedale Estate’s Broken Pekoe grade, auctioned by Global Tea Brokers, topped at ₹290 a kg.

The Super Red Dust grade, auctioned by Global Tea Brokers, followed at ₹280 a kg.

These three grades fetched the highest prices in this auction, beating the prices of even export-oriented orthodox teas from corporate factories.

Among other CTC teas, Darmona Estate got ₹238, Shanthi Supreme ₹228, Deepika Supreme and Vigneshwar Estate ₹226 each, Cross Hill Estate Special ₹224, Pinewood Estate got ₹ 222, Bellati Estate ₹221.

Among orthodox teas, Kodanad got ₹250, Devashola ₹245, Glendale ₹230, Kairbetta ₹225, Kil Kotagiri ₹213, Goldsland ₹212, Nonsuch Orthodox ₹ 211, Havukal and Lockhart Gold ₹210 each, Mailoor ₹207 and Siruvani ₹204.

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Published on September 30, 2020
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