The New Year has given a boost to the Kochi tea auction market with prices of CTC dust varieties moved up by ₹1 to ₹3 in the first sale of the year.
Auctioneers, Forbes, Ewart, & Figgis said the demand was very strong with 98 per cent of the offered quantity of 8,13,198 kg sold.
Traders attributed the market surge to active participation of blenders coupled with lower crop arrivals from production centres due to winter.
The CTC dust market was firm and dearer by ₹ 1 to ₹3 and appreciated more as the sale progressed. Kerala State Civil Supplies Corporation was also active in the market, while exporters were selective and covered only a nominal quantity. The average price realization was up by ₹3 at ₹143 compared to ₹140 in the previous week.
Orthodox dust market also witnessed a good demand with 94 per cent of the offered quantity of 8500 kg sold.
However, a subdued demand in the overseas market on account of winter has impacted leaf sales in the auctions. This is evident from orthodox leaf sales as only 61 per cent of the offered quantity of 3,54,420 kg sold. The average price realisation was also down by ₹4 at ₹151 against ₹155 in the previous week. There were also heavy withdrawals in medium brokens and whole leaf due to lack of bids.