The sales percentage of orthodox teas has started increasing in Kochi auctions, thanks to Iraqi buyers evincing interest in procurement.
The percentage of sales rose to 81, witnessing good demand from Iraq buyers out of the offered quantity of 2,02,070 kg. Besides, the commencement of Russian buying on a limited scale, mainly to take stock of the brew before their winter also boosted the market, traders said.
The average price realisation in sale 46 was up by ₹7 per kg at ₹140 against ₹133 the previous week. Traders expressed the hope that prices in these ranges will also likely be sustained in the coming weeks.
Auctioneers Forbes, Ewart & Figgis said the number of exporters participating in the sales is on the rise and is active, especially to CIS and West Asian destinations. The market for Nilgiri and medium whole leaf was dearer the following qualities.
The CTC leaf market was also good, achieving 90 per cent sales out of the offered quantity of 44,000 kg.
However, the CTC dust market was down as blenders were inactive in the sale. Blenders absorbed only 58 per cent of the 5,68,614 kg of CTC dust offered. Good liquoring teas were lower by ₹1 to ₹2 and sometimes more, the auctioneer said. There was a subdued demand from upcountry and local buyers. The average price realisation was down by ₹1 at ₹136.