Commodities

Teas worth ₹ 4.25 cr unsold at Coonoor auctions

PS Sundar Coonoor | Updated on March 16, 2020

Teas worth ₹4.25 crore remained unsold at Sale 11 of the auctions of Coonoor Tea Trade Association as there were no takers for as much as 41 per cent of the offer.

Homedale Estate’s Pekoe Dust grade, auctioned by Global Tea Brokers, topped the entire auctions when Antony Tea Traders bought it for ₹282 a kg. In the CTC Dust auctions, Homedale Estate’s Red Dust grade, auctioned by Global Tea Brokers, followed at ₹260.

In the CTC Leaf tea auctions, Pinewood topped at ₹221 followed by Homedale Estate at ₹220 and another grade of Pinewood at ₹200. Among orthodox teas, Kairbetta topped at ₹268 followed by Kodanad ₹249, Nonsuch orthodox ₹218 and Havukal ₹212.

No tea could enter the high-price bracket of ₹300/kg this week. “Exporters resorted to bidding low in the backdrop of reduced orders from importers in Europe due to the coronavirus impact. The various restrictions in the movement of commodities and assembly of consumers at markets have reduced the consumption of tea in many countries and the impact of coronavirus on tea has started hitting our sales,” Ravichandran Broos, General Manager, Paramount Tea Marketing Private Ltd., tea auctioneers, told Business Line.

“Low demand against excessive production and supply is pulling down the prices and sale percentage”, he explained.

Published on March 16, 2020

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