Tea prices continue to drop at Kochi auctions following increased arrivals, thanks to a conducive weather in production centres.
According to traders, drop in prices led to good demand for both dust and leaf grades from buyers in sale 28. The offerings in CTC dust was 7,20,613 kg witnessing 86 per cent sales. All blenders together absorbed 62 per cent of the total CTC quantity sold.
Following an increase in offerings, the market for good liquoring teas were lower with a drop of ₹2 to 3 and sometimes more. This is evident from the drop in average price realisation by ₹3 at ₹140 compared to ₹143 in the previous week. Auctioneers Forbes, Ewart & Figgis said that there were improved operations from Kerala loose tea traders compared to last week.
Exporters were the main stakeholders in orthodox dust market witnessing a 100 per cent sale out of the offered quantity of 8,500 kg.
Orthodox leaf market was also down with brokens and whole leaf barely remaining steady. Others were lower with a longer margin of ₹5 to 10. Exporters to CIS and Middle East countries were active, while upcountry buyers lent fair support. The offered quantity was 2,85,431 kg with a sales percentage of 85.
CTC leaf demand was fair with a sales percentage of 78 out of the offered of 36,500 kg. The market for brokens was firm to dearer while Fannings were irregular. It also witnessed some withdrawals.