The Kochi tea auction market has started seeing a price correction, thanks to an increase in general offerings — the highest quantity seen in the recent period.
According to traders, the improved arrivals are due to the extended closure during the Onam holidays, with an offered quantity of 8,71,354 kg in sale 41, realising a sales percentage of 69.
The auctioneers Forbes, Ewart & Figgis said prices of good liquoring teas were lower by ₹2-3 a kg and witnessed a lot of withdrawal. The decline in price was more for high-priced teas, while medium and plainer teas dropped less compared to the high-priced ones.
All blenders together absorbed 66 per cent of the total CTC quantity sold and there was a subdued demand from Kerala and upcountry buyers. The average price realisation was down ₹2 at ₹167 .
In orthodox dust, the market was lower with exporters being the main stakeholders. The quantity offered was 11,500 kg.
The leaf market also witnessed a correction following a surge in the quantity offered. The quantity offered in orthodox was 5,57,089 kg with a sales percentage of 52 only. Best and medium whole leaf was steady, while the remainder was lower by longer margin of ₹10-15 a kg and witnessed heavy withdrawals. Medium brokens lost ₹10-15. Exporters to CIS and Middle East lent only fair support.
In CTC leaf, the quantity offered was 62,000 kg with a sales of 80 per cent. Brokens remained steady, while Fannings was dearer.