Tea prices at Kochi auctions rise on blenders presence, local purchases
A strong presence of blenders and increased purchases by local buyers lifted CTC dust prices at Kochi auctions this week. Prices were up by ₹3-4 per kg.
The market for good liquoring teas was dearer by ₹3-4 as the sale progressed in sale 47 and especially powdery grades increased more. The offered quantity was 5,65,623 kg, with 95 per cent of it being sold. There was an improved demand from loose tea traders and upcountry buyers, auctioneers Forbes, Ewart & Figgis said.
Traders cited the improvement in prices to the Sabarimala pilgrim season which will perk up demand for consumption of tea and its retail sales. The average price realisation was up by ₹2 at ₹164.
Orthodox slips
The orthodox dust market was lower with exporters and upcountry buyers absorbing small quantity. The quantity on offer was only 9,500 kg with 66 per cent of being sold.
However, export demand, especially from Russia and Iraq, lifted orthodox leaf prices with good demand and 90 per cent of the offered quantity of 1,74,531 kg.was sold.
According to traders, Russian importers are on a buying spree, especially good quality whole leaves and brokens, before the closing down of the market for winter, which would reopen by January end. Common teas (cheaper varieties) also witnessed good demand from Iraq buyers.
The reduction in offered quantities coupled with the end of season in Kolkata also contributed to improved buying from Kochi to meet the export demand, traders said.
CTC leaf market was down with prices for brokens barely maintained. The offered quantity was 78,500 kg with a sales percentage of 77.