Comments
tThe consecutive absence of Kerala State Civil Supplies Corporation from Kochi auctions has impacted the prices of CTC dust grades adversely, affecting the market.
Good liquoring teas in sale 15 were lower by Rs 5 to Rs 10 and have witnessed heavy withdrawals. The subdued demand was reflected even in average price realisation that stood at Rs 145 vis-à-vis Rs155 in the previous week. Of the offered quantity of 10,73,092 kg, only 59 per cent was sold, the auctioneers Forbes, Ewart & Figgis said.
Trade sources said Supplyco normally procure around 80,000 kg from the auctions and they have increased their weekly procurement by about two lakh per kg after the authorities started distributing essential items in kits supplied to the people through PDS in the Covid times. However, the Government has stopped distributing such kits after the Assembly elections, forcing the state-owned entity to reduce its tea procurement. The market is expected to be revived once the company restarts its normal procurement for its sales.
Besides, the rise in tea arrivals from the gardens for future offerings following the improvement of crop due to favourable climatic conditions, hand-to-mouth procurement by Kerala buyers, fearing further restrictions on the second wave of Covid also have led to a subdued buying in the auctions, traders said.
The orthodox dust market also witnessed a decline and a small quantity was absorbed by exporters and upcountry buyers. The quantity offered was 7500 kg.
In leaf varieties, the absence of a good export demand due to procedural delays connected with invoicing has affected the prices. The market for Nilgiri whole leaf in orthodox was lower by a longer margin of Rs 5 to Rs 10 and sometimes more. The quantity offered was 2,03, 366 kg. Exporters to CIS countries and West Asia lent fair support. The average price realisation was down at Rs 159 against Rs 162 in the previous week.
In CTC leaf, the market for select brokens and Fannings was firm to dearer, while the rest was lower and witnessed some withdrawals. The quantity offered was 36,500 kg.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.