Financial Daily from THE HINDU group of publications
Wednesday, Jul 27, 2005

Port Info

Group Sites

Agri-Biz & Commodities - Tea

Demand improves at Coonoor tea auctions

P.S. Sundar

Coonoor , July 26

THERE was an overall improvement in the demand at the auctions of the Coonoor Tea Trade Association (CTTA) here during the weekend, when a huge volume of 18.39 lakh kgs was offered for sale.

"The few select brighter liquoring teas were sold at dearer levels based on quality. The better medium sorts were sold at last levels, while the blacker descriptions fetched Rs 2 more due to intense competition," an auctioneer told Business Line.

However, a leading broker lodged a written complaint to the CTTA and the Tea Board against some irregularities in the e-auctions leading to the producers getting lower prices. "We were unable to knock down the sold lots in a few pages. But we announced them as sold. After the resumption of computer operation, people who had put auto bids did not get their bids registered. For instance, we sold in the hall a lot for Rs 41.50 a kg, whereas a buyer had put an auto bid of Rs 43. This was not registered and the seller did not get this price. We had also updated the asking price and the valuation of certain lots, but some them were not recorded in the computer," the broker noted.

On the export front, Pakistan bought the better made blacker smaller grades for around Rs 31 a kg. Exporters to Poland and CIS supported teas for around Rs 25. The shippers for Iraq were selective at around Rs 29.

Among the corporate buyers, Hindustan Lever Ltd (HLL) showed interest on better medium varieties. Tata Tea and the Defence buyer operated on the lower end of the market.

The orthodox primary dusts sold well on flavoury invoices. The secondary and primary residuals eased by Rs 2 due to less enquiry. Quotations held by the brokers indicated biddings in the range of Rs 21 to 23 a kg for the plain dust.

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

Stories in this Section
Move to provide farm goods prices on terminals

Supplyco to procure paddy every year
Farm initiative
Where are Pakistan's commodities headed?
`Serious cereal deficit unlikely in 2005-06'
Consumers getting rubber cheaper than last year
VAT comes to rescue despite prices ruling at record high

Fresh buying, rains inflate rubber prices
Bengal tea workers' stir ends as unions settle for productivity-linked wages
Demand improves at Coonoor tea auctions
Mixed reaction to tea sector wage pact
Kerala: Water levels increase in major reservoirs
Crop insurance awareness very low among farmer households: NSSO

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line