Increased arrivals and subdued demand dragged tea prices down at Kochi auctions. Prices declined for dust and leaf varieties alike.
The average drop in prices for both leaf and dust grades was around ₹2-3 a kg in sale 23, and the auction platform also witnessed a lot of withdrawals due to lack of bids.
The trade raised some concern over the quality of the brew in the forthcoming auctions in view of continuous rains in the high ranges. There could be more arrivals in the auctions in the coming week that would further dent the prices, traders said.
Blenders buy 63%
The quantity offered in CTC dust was 6,86,441 kg. Good liquoring teas barely remained steady and tended to ease by ₹1-2 and sometimes more, especially high-priced teas. Low medium and plainer teas were lower and witnessed heavy withdrawal due to lack of bids, auctioneers Forbes, Ewart & Figgis said.
All blenders together absorbed 63 per cent of the total CTC quantity sold and some export enquiry was noticed . The average price realisation this week was down ₹2 at ₹145.
There was a fair demand for orthodox dusts, with the market steady to lower. The quantity offered was 8,000 kg with exporters, upcountry buyers absorbing small quantities.
CTC leaf lower
Orthodox leaf market was also down with whole leaf tended to ease, while select best brokens was firm to dearer. The quantity offered was 2,71,472 kg with a sales percentage of 89. Exporters to CIS and Middle East were active, while there was some upcountry interest.
CTC leaf market was also lower witnessing heavy withdrawals due to lack of bid. The quantity offered was 47,000 kg, witnessing a poor demand with 41 per cent sales.