As the Afghanistan crisis caused a concern among the exporters, they were selective but North Indian buyers stepped up their purchase at sale 34 of the auctions of Coonoor Tea Trade Association.
“Although we are not directly buying tea for Afghanistan, there is a definite element of uncertainty in the safety of the global transit. We prefer only those destinations which are safe adopting a selective ‘wait-and-watch’ approach”, an exporter told BusinessLine .
Consequently, orthodox teas from corporate sector which are mostly exported suffered on volume and price sold fronts. No orthodox leaf grade could enter ₹200/kg level.
In the orthodox dust auction, Kodanad got ₹250, Nonsuch orthodox ₹213 and Kairbetta ₹212. All others fetched below ₹200/kg.
Upcountry buyers stepped up their intake resulting in 18.01 lakh kg being sold – the highest of the last three weeks – despite the average price rising to ₹92.99 per kg – the highest since July 16. Consequently, the overall earnings at the auctions rose by nearly ₹1 crore in just one week to reach ₹16.78 crore.
The CTC Pekoe Dust grade of Homedale Tea Estate, a bought leaf factory, auctioned by Global Tea Auctioneers Pvt Ltd., (GTAPL) topped the entire auctions when Shree Abirami Enterprises bought it for ₹287 a kg.
“We bought this for internal market, not exports. There has been a general increase in demand from internal traders since a few weeks now. Besides, the quality of this grade suits the palate of tea connoisseurs in India”, G Thiagarajan, Proprietor, of Shree Abirami Enterprises, said.
In the CTC Leaf auction, Crosshill Estate Premium, auctioned by GTAPL, topped at ₹226 a kg.
Among other CTC teas, Crosshill Estate Premium Red Dust got ₹236, Vigneshwar Estate ₹211, Pinewood Estate ₹207 and Hittakkal Estate ₹200.
Overall, nearly 90 per cent of the offer was sold.