Commodities

Prices crash to year’s lowest in Coonoor tea auctions

P S SUNDAR Coonoor | Updated on April 05, 2021

Still, 30% teas worth ₹ 5.28 cr unsold due to less demand

Despite the average price crashing to ₹120.11 a kg – the lowest so far this calendar, there were no takers for about 30 per cent of the offer at Sale No: 13 of the auction of Coonoor Tea Trade Association as the demand was less due to Good Friday / Easter holidays.

Consequently teas worth about ₹5.28 crore remained unsold.

Homedale Estate’s Red Dust grade, auctioned by Global Tea Brokers, topped the entire auction when GLT Enterprises bought it at ₹305 a kg.

Among other CTC teas, Pinewood Estate got ₹302, Crosshill Estate Special ₹ 220, Vigneshwar Estate ₹ 219 and Hittakkal Estate ₹ 206,

Among orthodox teas, Chamraj got ₹ 276, Kodanad ₹ 265, Havukal ₹ 238, Kairbetta ₹ 236, Glendale ₹ 225, Kil Kotagiri ₹ 222, Mailoor and Nonsuch Orthodox ₹ 216 each and Devashola ₹ 207.

“With talks looming large of lockdown and trade restrictions to be reintroduced in different States to fight the second wave of Covid-19, upcountry traders are preferring to ‘wait-and-watch’ before investing on fresh stocks now,” a trader told BusinessLine.

Exporters were also selective for the same reason.

Besides, with the North Indian teas scheduled to hit the market in volumes in April and beyond, some upcountry traders are waiting for fresh teas from that region before purchasing in Coonoor now, traders said.

Published on April 05, 2021

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