The average price dropped to ₹97.27 a kg at Sale No: 41 of the auctions of Coonoor Tea Trade Association from previous week’s ₹99.14. Still, 37 per cent of the offer of 14.37 lakh kg remained unsold for want of buyers.
Some buyers refrained from bidding contending that since the introduction of the new settlement bankers a month ago, there were software related problems for their getting the delivery orders even after they made the payment prompt. Homedale Estate’s Pekoe Dust grade, auctioned by Global Tea Brokers, topped the Dust tea auctions and the entire market when Benniel and Co bought it for ₹215 a kg.
Homedale Estates’ Broken Orange Pekoe Fannings, auctioned by Global Tea Brokers, topped the CTC Leaf auctions fetching ₹197 a kg. In the orthodox market, Kodanad topped at ₹208 a kg. No other grade crossed ₹200/kg.