The Hindu Business Line : Coonoor tea prices drop on low demand

Coonoor, Feb. 1 Prices generally declined by Rs 3 a kg at sale No. 5 of the Coonoor Tea Trade Association (CTTA) auctions as demand was inadequate to absorb the two-week low offer of 13.63 lakh kg despite the auctions being held after a gap of 10 days.

“Brighter liquoring CTC leaf suffered subdued demand with some invoices losing Rs 10 a kg. A large weight remained unsold. Better medium and medium sorts lost Rs 2 a kg. Some invoices lost up to Rs 4. Prices of plainers declined Rs 2-3 due to less demand. Whole leaf orthodox also lost Rs 2-3. Brokens eased Rs 3.

Brighter liquoring CTC dusts eased Rs 4-6 and many invoices went unsold. Smaller dusts lost Rs 2-3. Better medium and mediums eased Rs 3-4. Most plainers could not be sold even after shedding Rs 2. But, primary orthodox dusts gained Rs 5-10,” an auctioneer told Business Line.

Buyers said there was an overall cash-crunch, mostly arising from the new settlement banking system.

They also complained that the quality fell short of established winter standards.

In all, 52 marks of CTC teas from bought-leaf factories entered Rs 100 price-band. Darmona Estate, auctioned by J Thomas and Co, fetched the highest price of Rs 127, followed by Homedale Estate, auctioned by Global Tea Brokers, at Rs 121.

Among orthodox teas from the corporate sector, Curzon got Rs 157, Mailoor Rs 139, Kodanaad Rs 127, Havukal Rs 126, Chamraj Rs 121, Tiger Hill and Prammas Rs 119 each, Kairbetta Rs 118, Glendale Rs 108, Nonsuch Rs 106, Colacumby Rs 105 and Erinkadu Rs 100.

Quotations held by brokers indicated bids ranging from Rs 58-62 a kg for plain leaf grades and Rs 95-107 for brighter liquoring sorts.

They ranged Rs 59-62 a kg for plain dust grades and Rs 95-112 for brighter liquoring sorts.

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