The Hindu Business Line : Large volumes unsold at Coonoor tea sale

Prices tumbled and substantial volumes remained unsold for the fifth consecutive week at the auctions of Coonoor Tea Trade Association at Sale No: 43 when demand was grossly inadequate to absorb at base price the year’s hitherto highest offer of 17.94 lakh kg.

Producers were worried that backlog of unsold teas was increasing even after shedding prices by Rs 3-4 a kg. As much as 40 per cent of the leaf and 55 per cent of dust offered remained unsold. Buyers said that normalcy was yet to return in upcountry orders following Diwali festivities.

“Orthodox leaf market eased by Rs 2-3. High-priced CTC leaf lost Rs 2-4 and better medium Rs 2-3. Almost 60 per cent of the plainers could not be sold even after shedding Rs 5. Secondary and finer orthodox dusts eased Rs 1-3. But, primary sorts managed to gain Rs 2-5. High-priced orthodox dusts lost Rs 2-4 and better medium Rs 3-5. Nearly 60 per cent of the plain CTC dusts remained unsold even after shedding Rs 5”, an auctioneer told Business Line.

Among CTC teas from bought-leaf factories, Darmona Tea Industry fetched the highest price of Rs 126 for its Broken Orange Pekoe (BOP) grade. “In all, five of our grades got Rs 115 and more”, Mr Dinesh Raju, Darmona Managing Partner, said. “Our Red Dust (RD) auctioned by Global Tea Brokers topped dust market fetching Rs 119. In all, four of our grades fetched Rs 115 and more”, Mr Prasant Menon, Managing Partner, Homedale Tea Factory, said. Hittakkal Estate and Shanthi Supreme got Rs 115 each, Professor Rs 110.50, Blue Monte Estate Rs 110, Sree Tea Supreme Rs 106, Selva Ganapathy Supreme Rs 104 and Vigneshwar Estate Rs 102.50. In all, 31 grades fetched Rs 100 and more.

Among orthodox teas from corporate sector, Chamraj got Rs 142, Mailoor Rs 140, Curzon Rs 138, Glendale Rs 137 and Tiger Hill Rs 136. In all, 39 grades fetched Rs 100 and more.

Quotations held by brokers indicated bids ranging from Rs 56-60 a kg for plain leaf grades and Rs 85-110 for brighter liquoring sorts. Plain dust grades had no quotation while brighter liquoring sorts had Rs 95-115.

Exporters’ participation was selective. Pakistan bought few lines for Rs 65-72 and the CIS Rs 62-67.