The Hindu Business Line : Increased offerings at Coonoor tea auctions

The catalogue for Sale No 37, scheduled for tomorrow and Friday, shows a volume of 9.82 lakh kg. This is higher than the 19-week low volume offered in the last couple of weeks, but still lower than the volume offered a month back.

It is some six lakh kg lower than the volume offered in the corresponding sale of last year.

Then, the volume totalled 15.1 lakh kg, but the offer of 11.13 lakh kg of leaf grades alone was more than the combined total of both leaf and dust now.

Correction

Although the lower volume had generally helped prices look up in the recent weeks, last week there was a mentionable drop of up to Rs 3 a kg, with auctioneers contending that the market was undergoing a correction.

"There was subdued demand, indicating that the buyers were not concerned about the lower volume. There was a belief that the offer would increase in the coming weeks as it had already started doing now. The Tea Board and the industry are reeling out different production figures, but more importantly, the market has not reacted sharply to the claim of short supplies as of now," an auctioneer told Business Line.

Currently, the lowest price at which tea is available at Coonoor auctions is Rs 44.50 a kg. Small volumes of quality teas from well-known bought-leaf factories are fetching around Rs 80.

More Stories on : Tea

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
MCX IPO after Govt nod for FII trade in commodity futures

TNAU for standardised organic farming package

AP alert on pest attack

Pulses crash on NCDEX tracking stock limit order

Spot rubber rules steady

Increased offerings at Coonoor tea auctions

Tetra Pak eyes growth in packaged milk

Erratic rains hit pepper crop in Karnataka