Financial Daily from THE HINDU group of publications
Friday, Jan 18, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 18, 2002 |
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Agri-Biz & Commodities
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Commodities Markets Indcoserve halts tea purchases L.N. Revathy
COIMBATORE, Jan. 17 INDCOSERVE, which has been sourcing about 200 tonnes of tea per month from the auction centres for Tamil Nadu's `Ooty tea' project, has put on hold procurement from the second week of December. Indcoserve, according to market sources, has stayed away from both Coimbatore and Coonoor auction centres. It sourced a minimal quantity in the first week of December. According to informed sources, the huge stocks and poor offtake of tea in the public distribution channel has forced Indcoserve to `go slow' on buying. It is reliably learnt that the stock level had crossed 100 tonnes. Indcoserve sources say their procurement depended on Government indents and they have not received any indent for quite some time now. Market sources contend that the quality of the `Ooty tea' suffered a set back, resulting in a steep rise in the unsold stock levels. Nevertheless, the survival of the Indcoserve factories will be at stake if the situation prolongs. The State Government has already disowned the co-operatives and special officers have been appointed for running the show. At the auctions, the offered quantities continue to hover around the 5-6 lakh kg per week levels in Coimbatore. But the prices have plunged to an all-time low of around Rs 43/kg this year as against Rs 52-53 in January last.
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