India tea prices dip on higher supplies
Michael Chen
Senior Web Developer
Tea prices in India eased at last week's auction due to an improvement in supplies, although good domestic demand capped the downside, dealers said.
The price of CTC (crush-tear-curl) tea dropped 3 percent to
144.39 rupees per kg, while the dust variety fell 1.36 percent
to 149.14 rupees per kg.
"Supplies are rising as plucking has gained pace in
north-eastern India. In next few weeks supplies will remain on
higher side," said an official at Calcutta Tea Traders'
Association.
Tea plucking in India, the world's second-biggest producer,
usually rises between July and October.
The average price of Kenyan top grade tea rose to $4.13 per
kg at an auction last week, from $3.97 kg in the previous
auction.
India's tea production in the first seven months of the year
fell 4.2 percent year-on-year to 470.7 million kg as dry weather
in Assam hampered plucking earlier in the year.
The country's 2012 tea output is expected to ease 1.5
percent to 973 million kg from a record 988.3 million kg in 2011
as drought affected the crop in the first six months of the
year.
India exports CTC tea mainly to Egypt, Pakistan and the UK,
and the premium orthodox variety to Iraq, Iran and Russia.
Source: in.reuters.com/article/2012/09/24/india-tea-auction-idINL4E8KO4IR20120924
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