The Hindu Business Line : Prices improve for Coonoor teas

PRICES improved at the auctions of the Coonoor Tea Trade Association (CTTA) here on Friday when the sales were resumed after a fortnight of Diwali and Ramzan holidays.

Generally, CTC prices rose by Rs 3 a kg, but orthodox teas were easier by Rs 2.

But, buyers found it difficult to operate as their user ID name had been de-activated for not submitting attested copies of their Tamil Nadu General Sales Tax license renewal.

Tea Board has stepped up the checking of the tax renewal documents arising from specific complaints.

"Most buyers produced the attestation documents and thereafter, got their ID activated. Consequently, the sales started with sluggish demand, which improved as the sales progressed. Nevertheless, the participation from Gujarat and Maharashtra buyers was limited as they said that the post-Diwali orders had not come about," an auctioneer told Business Line.

Demand was focussed on the range of medium teas in the CTC counter and the prices rose by a rupee to Rs 2 a kg. Brighter liquoring bolder grades were only less in volume but they were picked up at Rs 4 a kg more than the last sales.

In some cases, the premium was much more. Even the plainer bolder varieties moved up by a rupee to Rs 2.

Hindustan Lever Ltd lent useful support to the better medium and medium leaf grades, but was less active in the dust grades. Western buyers supported orthodox primary dusts. The buyer for the Defence supplies was selective.

On the export front, Pakistan bought the clean black teas up to Rs 35 a kg.

Despite the controversies about the Volcker committee report relating to the tea companies and the support Iraq gave to the tea purchases under its food for oil scheme, this week also, Iraqi buyers were active in Coonoor.

They bought teas up to Rs 32 a kg. The exporters showed interest on the better medium varieties.

Some 6,000 kgs fetched over Rs 60 a kg. Among the CTC teas from bought leaf factories, Darmona Estate got the highest price of Rs 81 a kg.

Homedale got Rs 76 followed by Vigneshwar at Rs 72.

Among the corporate sellers of orthodox teas, Curzon got the highest price of Rs 130, followed by Kodanaad Rs 129, Chamraj Rs 124 and Tiger Hill, Rs 117.

Quotations held by the brokers indicated bids ranging from Rs 25-27 for the plain leaf grades and Rs 50-58 for the brighter liquoring teas.

For the dust grades, the bids ranged from Rs 27-29 for the plain teas and from Rs 58-68 for the bright liquoring teas.

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