Unsold tea piles up at Coonoor auction as traders fix floor price

The minimum tea price imposed by the Association for Purchased Leaves led to an increase in unsold teas at Coonoor tea auctions.

Traders said that some members of the association did not commit themselves to selling tea at a price below Rs 95 in Sale 29, which resulted in only 47 per cent of the quantity offered of 18,89,495 kg being sold. However, sales in dust accounted for 65 percent of the quantity supplied of 7,07,738 kg.

Besides, there has been a decline in crop access to auctions due to unfavorable climatic conditions in the production centers. The demand for exports has also diminished, which has led to lower prices for various items.

International tea sellers said that the higher-priced and better types of alcoholic beverages have fair demand and steadily sell for the most expensive by 3-4 rupees or more, in line with quality. The better medium ones were hardly fixed to the most expensive sometimes by 1-2 rupees. Simple mediums and genres were hardly fixed to the most expensive sometimes by 1-2 rupees with heavy withdrawals.

Less demand for brokers

In orthodox papers, the initial full leaf scores were 3-4 rupees lower. The demand was less for the brokers and easily sold for 3-4 rupees.

In CTC dust the higher priced and better wines were 4-5 rupees lower or sometimes more. Occasionally some high quality pieces sell 3-4 rupees more expensive. The better medium ones were quite fixed on the most expensive by 2-3 rupees.

In orthodox dust, elementary classes were hardly fixed to the most expensive sometimes by 5-6 rupees. Seconds and fine dust were barely fixed to easiest by Rs 1-2.