Unsold tea piles up at Coonoor auction as traders fix floor price

The bottom price limit for tea imposed by the bought leaf association led to an increase in unsold teas at Coonoor tea auctions.

Traders said some association members have not adhered to selling tea below the limit price of Rs 95 in sale 29, resulting in sale of only 47 per cent of the offered quantity of 18,89,495 kg. However, the sales percentage in dust was 65 per cent out of the offered quantity of 7,07,738 kg.

Besides, there was a drop in crop arrivals at the auctions due to unfavourable climatic conditions in the production centres. Export demand was also subdued, leading to a price drop for different varieties.

Global tea auctioneers said high-priced and better liquoring sorts had fair demand and sold steady to dearer by Rs 3-4 or more, in line with quality. The better medium sorts were barely steady to occasionally dearer by Rs 1-2. The mediums and plainer sorts were barely steady to occasionally dearer by Rs 1-2 with heavy withdrawals.

Less demand for brokens

In leaf orthodox, primary whole leaf grades were lower by Rs 3-4. The brokens had less demand and sold easier by Rs 3-4.

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In dust CTC, the high-priced and better liquoring sorts were lower by Rs 4-5 or more at times. Occasionally some quality lots sold dearer by Rs 3-4. The better medium sorts were fully firm to dearer by Rs 2-3.

In dust orthodox, the primary grades were barely steady to occasionally dearer by Rs 5-6. The secondaries and finer dusts were barely steady to easier by Rs 1-2.