With higher sales percentage, Coonoor tea prices remain steady

Prices at Coonoor Tea auction remained at a steady level with a sales percentage of more than 90 both in leaf and dust grades.

In sale 24, the primary whole leaf grades in leaf CTC was barely steady to dearer by ₹2 to 3 and more at times. However, high-priced teas were generally lower by ₹6 to 8 and more at times with some withdrawals. Occasionally some quality lots sold dearer by ₹2 to 3 as well.

The offered quantity in leaf grades was 9,56,217 kg with a sales percentage of 90.85 while dust grades was 3,53,666 kg, with a sales percentage of 90.17, Global Tea Auctioneers said.  

The primary orthodox dust grades was dearer by ₹6 to 8 and more at times, while secondaries and finer dusts were barely steady to easier by ₹1 to 2.

In dust CTC, high-priced and better liquoring sorts were generally lower by ₹5 to 6 and more at times with some withdrawals. Occasionally some quality lots dearer by ₹3 to 4 also.

According to traders, crop arrivals to the auction platform are lower, witnessing a 30 per cent drop after an unfavourable climate during April-May and June with rising temperature followed by heavy downpours that destroyed the crop. The delay in summer showers from April to May and that too with strong rains have hit the crop in many tea gardens.

In such a situation, it is expected that the Q1 drop is likely to continue for the whole year. However, the pesticide issues in north India may facilitate buyers there to scout for tea from the South and this would help Coonoor auctions to maintain the prices at the same level, traders added.