28% tea unsold at Coonoor sale
Michael Chen
Senior Web Developer
Some 28 per cent of the year’s highest offer of 22.18 lakh kg at Sale No: 26 of Coonoor Tea Trade Association auctions remained unsold, despite prices dropping ₨ 3/kg over the previous week. Even at this low price, tea worth about ₨ 5.20 crore remained unsold reflecting inadequate demand at asking price.
Homedale Estate tea, auctioned by Global Tea Brokers, topped both the CTC leaf and dust market when Komal Enterprises bought them for ₨ 190 a kg. In all, 118 marks got ₨ 125 and more.
Among orthodox teas, Kodanad tea, auctioned by Global Tea Brokers, topped when Om Enterprises bought it for ₨ 222 a kg. In all, 39 marks got ₨ 125 and more.
Quotations held by brokers indicated bids ranging ₨ 47-50 a kg for plain leaf grades and ₨ 100-160 for brighter liquoring sorts. They ranged ₨ 50-54 for plain dusts and ₨ 120-175 for brighter liquoring dusts.
Export purchase was less and limited to plainer less-priced teas. Pakistan made selective purchase at a wide range of ₨ 90-128 a kg.
Many CTC leaf invoices suffered withdrawal despite shedding up to ₨ 5 a kg. Secondary orthodox dusts eased ₨ 3-5. Some CTC dusts were withdrawn despite shedding up to ₨ 6 a kg.
Source: thehindubusinessline.com/markets/commodities/28-tea-unsold-at-coonoor-sale/article6186690.ece?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication
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