Date:18/08/2004 URL: http://www.thehindubusinessline.com/2004/08/18/stories/2004081800761200.htm

Back Buying props up tea prices at Coonoor

P.S. Sundar

Coonoor , Aug. 17

FORCEFUL buying from Hindustan Lever Ltd (HLL) helped the market to look up when 12.39 lakh kgs of teas were offered for sale at the auctions conducted by the Coonoor Tea Trade Association (CTTA) here this weekend.

HLL bought better medium and medium grades. For exports, it picked up cleaner, blacker and smaller leaf grades. The company bought a wide range of teas priced from Rs 45 to Rs 69.

Because of the competition posed by HLL, up country buyers had to raise their bids by at least Rs 3 a kg to win the offer. But, the buyers for the quality conscious high priced Gujarat market were silent. On the export front, Iraq did only marginal pickings, while Russia picked up the teas for around Rs 38 a kg. The rest of CIS bought around Rs 37. Poland bought for Rs 36.

HLL bought some dust grades for around Rs 42 for Kenyan market. Tata tea also competed for the dust grades.

On an average, the plain dusts got Rs 36 a kg, while the better ones fetched Rs 46. Plain leaf grades got Rs 36, while the better ones fetched Rs 54.