Commodities

Coonoor tea auctions begin 2021 with record prices

P S SUNDAR Coonoor | Updated on January 11, 2021

91% of the offer was sold fetching revenue of ₹22.73 crore due to increased demand

The auctions of Coonoor Tea Trade Association for 2021 have opened on an encouraging note with record prices being achieved.

Two bought leaf factories – Homedale and Crosshill – topped the entire auctions beating corporates.

“Our Broken Pekoe grade, auctioned by Global Tea Brokers (GTB), topped the entire auction when Mittal Tea Co bought it for ₹381 per kg,” Raman Menon, Managing Partner of Homedale Tea Factory, told BusinessLine.

“This is a new record as it is the highest price fetched by any of our teas since manufacturing started in our factory 72 years ago,” he said.

“Our Broken Orange Pekoe grade, auctioned by GTB, fetched the second highest price this week, when Vora Sons bought it for ₹322 per kg,” said Jagdeep Raju, Managing Director, Crosshill Tea Factory.

“This is a new record for us because it is the highest price fetched by any of our teas in a regular auction since manufacturing started in our factory 75 years ago,” he said, addding, “Besides, our two grades of teas, topped the CTC Dust tea auctions fetching ₹ 234 and ₹ 225 each.”

Among other CTC teas, Pinewood got sold at ₹261/per kg, Vigneshwar Estate at ₹226/per kg, Bellatti estate at ₹216/per kg, Shanthi Supreme ₹203/per kg, and Navilkal Estate, Professor Superfine and Kannavarai Estate ₹201/per kg each.

Among orthodox teas, Chamraj topped at ₹321/per kg followed by Kodanad ₹261/per kg, Glendale ₹254/per kg, Kairbetta and Havukal ₹236/per kg each, and Devashola ₹222/per kg, Kil Kotagiri ₹211/per kg, and Brookelands Gold ₹200/per kg.

The auctions resumed after a fortnight closure for Christmas-New Year celebrations with the average price rising to ₹135.25 a kg – the highest since November 20, 2020.

As much as 91 per cent of the offer was sold fetching revenue of ₹22.73 crore due to increased demand from upcountry buyers as North Indian teas are out of market because of winter closure there.

Published on January 11, 2021

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