Financial Daily from THE HINDU group of publications
Tuesday, Oct 05, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 05, 2004 |
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Agri-Biz & Commodities
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Tea Prices decline at Coonoor auctions P.S. Sundar
Coonoor , Oct. 4 PRICES dropped on an average Rs 4 a kg when 11.8 lakh kgs of teas were offered at the auctions conducted by the Coonoor Tea Trade Association (CTTA) this weekend. Some upcountry buyers complained of a general decline in quality. "The decline this week was, indeed, a correction of sort," an auctioneer told Business Line. Thus, the better medium teas, which were sold for Rs 54 a kg last week, fetched Rs 50. The plainer grades got Rs 43 (Rs 47) . Hindustan Lever Ltd (HLL) operated on both the leaf and dust category; overall, the buying was selective to pick up quality teas. Duncans did not operate at all. Tata Tea re-entered this week for some types of teas. GPI was active. On the export front, Pakistan buyers picked up some teas for Rs 46 a kg. Iraq buyers paid Rs 44 while CIS markets bought for Rs 42. The Russian operators were subdued. Poland buyers paid around Rs 45. The Middle East buyers were selective.
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