The Hindu Business Line : Large volumes of tea withdrawn at Coonoor auction

Coonoor, Oct. 19 For the fourth consecutive week, prices traced declining trend at the auctions of Coonoor Tea Trade Association this week. Substantial volumes were withdrawn at Sale No: 41 as bids fell short of the base price. Internal and export demand was inadequate to absorb the 12-week-high offer of 16.38 lakh kg.

Producers were worried that backlog of unsold teas was increasing even after shedding prices by Rs 3-4 a kg. In all, 35 per cent of the leaf and 48 per cent of dust offered for sale remained unsold. Buyers said that due to Diwali holidays, on-hand upcountry orders were few.

“Orthodox leaf market eased by Rs 2-3. Better medium CTC leaf eased by Rs 3 while plainers suffered withdrawal even after shedding Rs 4. But, some high-priced CTC leaf managed to gain Rs 1-2 moving with quality. Primary orthodox dusts eased by Rs 2-4, secondaries Rs 2-3 and finer dusts Rs 1-2. Better medium CTC dusts eased Rs 1-3 and plainers Rs 2-4. Finer dusts did not have enquiry at all. But, high-priced CTC dusts managed to gain Rs 2-5,” 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 (BOP) topped leaf market fetching Rs 134 a kg, while our Red Dust (RD) topped dust market fetching Rs 124. In all, four of our grades got Rs 116 and more,” Mr Dinesh Raju, Darmona Managing Partner, said. “Our BOP got the second highest price in leaf market at Rs 125 and five of our grades Rs 104 and more,” Hittakkal Estate’s Managing Partner, Mr Rajesh Chander, said.