Indian tea steady as winter demand offsets higher supply
Michael Chen
Senior Web Developer
Tea prices in India, the world's second-biggest producer, were steady at this week's auction as a strong demand due to upcoming winter season offset higher supplies.
The CTC (crush-tear-curl) grade leaf was sold at 147.01 rupees per kg, down 0.06 percent from the previous week's auction, while the dust grade eased 1.63 percent to 150.25 rupees per kg.
"Supplies were higher at this week's auction, but demand was also strong from local packeters. They were buying for winter months," said a Kolkata-based dealer.
Demand for tea usually rises in the winter season, which begins in November. Tea plucking in India usually picks up between July and October.
Tea auction wasn't conduced last week due to a festival.
The average price of top Kenyan tea fell for the fourth straight week to $3.74 per kg from $3.90 at last week's sale, market participants said on Wednesday.
India's tea production in August rose 2.2 percent from a year earlier to 154.26 million kg, as the shortfall in output in the southern states was offset by higher plucking in key north-eastern states.
Source: in.reuters.com/article/2013/10/25/markets-india-tea-auction-idINL3N0IF3AO20131025
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