The Hindu Business Line : Coonoor tea drops on inadequate demand

Prices dropped by Rs 3 a kg at Sale No: 41 of the auctions of Coonoor Tea Trade Association as demand was inadequate to absorb the 14.26 lakh kg on offer.

In all, 29 per cent of the leaf and 37 per cent of dust offered for sale remained unsold for want of bids at base price.

“Orthodox leaf market was irregular with prices oscillating easier and dearer by Rs 2-4 a kg. High-priced CTC leaf market eased Rs 1-3, better medium, Rs 2-3 and plainers Rs 1-4. Orthodox dust market was down by Rs 1-3. Quality invoices, however, gained Rs 1-2. High priced CTC dusts increased by Rs 1-2, but plainers suffered withdrawal even after shedding Rs 2-3”, an auctioneer told Business Line.

Among CTC teas from bought-leaf factories, Darmona Tea Industry, fetched the highest prices in both leaf and dust markets. “Our Broken Orange Pekoe Fannings (BOPF) grade topped leaf market fetching Rs 127 a kg, while our Red Dust (RD) grade topped dust market fetching Rs 126. In all, five of our grades got Rs 110 and more”, Mr Dinesh Raju, Darmona Managing Partner, said. Homedale Estate, auctioned by Global Tea Brokers, fetched Rs 125 a kg each for its leaf and dust grade. In all, four of its grades got Rs 118 and more. Blue Monte Estate Special got Rs 115, Professor Rs 114, Kannavarai Estate Rs 112, Hittakkal Estate and Vigneshwar Estate Rs 108 each. In all, 27 grades fetched Rs 100 and more.

Among orthodox teas from corporate sector, Curzon got Rs 165, Corsley Rs 155, Kodanaad Rs 152, Kairbetta Rs 150, Chamraj Rs 147 and Glendale Rs 138. In all, 37 grades fetched Rs 100 and more.

Quotations held by brokers indicated bids ranging from Rs 55-62 a kg for plain leaf grades and Rs 85-100 for brighter liquoring sorts. They ranged Rs 64-68 a kg for plain dust grades and Rs 95-110 for brighter liquoring sorts.

Exporters’ participation was selective. Some teas were bought for the CIS in the rage of Rs 60-70 and for Egypt, Rs 67-77 a kg.