Virus scare keeps Kochi tea auctions subdued

The coronavirus outbreak seems to have impacted Kochi tea auctions, which saw subdued demand in both domestic and export markets.

Shipments are getting delayed because of the virus threat, leading to disruption in cargo movement to many overseas destinations. Kerala buyers have also reduced their intake, resulting in piling up of unsold quantities in leaf and dust varieties. There was a decrease in the total percentage of sale and this has led to a price drop, traders said.

In Sale 11, the average price realisation in leaf varieties has come down to ₹114.87 this week from ₹126.89. The quantity sold in leaf grades was only 44 per cent out of the offering of 2,12,49 kg. Nilgiri whole leaf, brokens and fannings was lower by longer margins of ₹5 to ₹10. It also witnessed a lot of withdrawals, auctioneers Forbes, Ewart & Figgis said.

However, the average price realisation in dust grade was minimal at ₹113.70, even though the trade witnessed a fair demand. The quantity offered was 8,85,444 kg. The market for select good liquoring teas and popular marks was lower by ₹1 to ₹2. Exporters were selective and operated at the bottom of the market. They covered only a small quantity.

The market for orthodox dust was lower and witnessed a lot of withdrawals. The quantity offered was 10,500 kg, while a small quantity was absorbed by exporters.

In Cochin dust quotation, good varieties fetched ₹103-145, mediums was quoted at ₹80-124 and plain grades realized ₹69-78.

Monica/Mayura SFD fetched the best prices of ₹146 in dust varieties, while Chamraj FOP came to the top in leaf, quoting ₹232.

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