Procurement at the Kochi tea auctions improved this week as the lockdown imposed in Kerala to curb the Covid-19 pandemic eased, facilitating local buyers to absorb more tea, especially dust grades.
Despite prices dropping at the auctions, local buyers along with customers from upcountry markets, procured 84 per cent of the 10,26,551 kg of tea offered in sale 24. The average price realisation was lower by ₹5 at ₹125 per kg against ₹129, as institutional buyers, such as Incoserve and Supplyco confined themselves to limited purchase. Exporters operated at the bottom of the market, auctioneers Forbes, Ewart & Figgis, said.
Also read:
The market for select best and popular marks was steady to firm and occasionally dearer. The remainder was lower by ₹5 to ₹7 and sometimes more. It also witnessed a lot of withdrawals.
Orthodox dust market was lower by ₹3 to ₹5 and the quantity offered was 27,000 kg. Exporters absorbed a small quantity.
In the leaf category, sound export demand perked up prices of orthodox varieties with good Nilgiri whole leaf and brokens remaining firm and dearer. Exporters to CIS and Middle East were active, with 94 per cent of the 3,04,398 kg offered being sold. The average price realisation was also up at ₹155, compared to ₹153 in the previous week.
CTC leaf market was steady to firm and sometimes dearer. The offered quantity was 1,02,000 kg and 62 per cent was sold. Kerala and upcountry buyers lent fair support, while export demand was subdued.