Uncertainty in North Indian tea sector boosts Coonoor auction prices
Tea prices turned dearer in Coonoor auctions, thanks to useful support extended by blenders, upcountry buyers and exporters.
Traders said the uncertainty in North Indian tea prices over MRL issues which led to the closure of many factories by bought leaf tea manufacturers has boosted prices in sale 22 in Coonoor auctions.
They said the offered quantity continued to remain low though the recent rains has not given any results by way of crop. They pointed out that heavy showers in a short span of time in the growing regions is not going to support production, rather spoil the crop. Even the sector is expecting a higher crop loss especially with the forecast of above normal monsoon.
Overall good demand
The market, according to traders, is likely to remain volatile in view of the anticipated crop shortage in the coming months which is going to be a major issue.
The offered quantity in leaf varieties was 6,52,435 kg with a sales percentage of 98, while the dust offerings was 2,44,659 kg, witnessing 96 per cent sales. Generally, a good demand was noticed in the overall sale of both leaf and dust grades, Global Tea Auctioneers said.
In CTC leaf, the high-priced teas were lower by ₹2-3, while better liquoring sorts sold dearer by ₹4-5 and more at times in line with quality. The better medium sorts had good demand and sold dearer by ₹6-8. The mediums and plainer sorts were sold dearer by ₹5 to ₹6 and much more at times.
In leaf orthodox, the primary whole leaf grades sold dearer by ₹5-6. In dust orthodox, the primary orthodox dust grades were steady to dearer by ₹2-3 or more at times. The secondaries and finer dusts were steady to dearer by ₹1 -2 and more at times.