Financial Daily from THE HINDU group of publications
Monday, Mar 18, 2002
Financial Daily from THE HINDU group of publications Monday, Mar 18, 2002 |
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Agri-Biz & Commodities
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Tea Gujarat pays more for S. Indian teas P.S. Sundar
COONOOR, March 17 EVEN as the internal demand for tea at the South Indian auctions remained subdued because of the disturbances in Gujarat, those who bought for the Gujarat market this week paid at least Rs 3 a kg more than the market average or the previous week level. ``We intend to cover up short supplies and so, those who need fresh supplies of teas in Gujarat right now are prepared to pick the volume at a relatively high price keeping the difficult situation prevailing in the market,'' explained a buyer at Coonoor auctions. The demand was confined to the better liquoring BOP and BP medium grades. In some cases, the teas that were sold for Rs 46 a kg last week fetched Rs 53. The Coonoor Tea Trade Association (CTTA) has allowed an extra two days time for payment, which is usually 15 days, in respect of the teas bought during the riots. The whole of upcountry traders in general are now less active in the south Indian auctions as cheaper teas are available at Guwahati auctions. Supplies are abundant there due to large volume of unsold teas despite the usual pattern of the North-East teas hitting the market only during the second quarter beginning April. ``Some secondary grade teas are available at Rs 30 a kg there. So, there is no need to buy teas at Coonoor or Coimbatore, spending more on transport,''said a buyer. The Indcoserve, however, continues to buy to fulfil its obligations to the State-run `Ooty Tea' project. There has been improved demand from Russia, Poland and other CIS, Iraq and other West Asian markets. A leading auctioneer said there had been a general improvement in the quality of the Nilgiri teas, which made it easier to
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