Orthodox tea prices drop by 12/kg at the Kochi auction

The average price realised for orthodox tea in Kochi auctions decreased by $12 per kg as a result of increased arrivals and weaker international demand. The arrival of new crops, according to traders, improved orthodox offerings in both North Indian and South Indian auctions. South Indian prices likewise demonstrated a propensity to decline with several withdrawals, following lower prices in North India from the previous week.

The recent Tea Board change to the auction mechanism, which some traders claim made it more difficult for purchasers to place bids, is blamed by others for the price decline. Although improvements were made to speed up the selling process, fewer people participated, prices dropped, and there were a lot of withdrawals, according to dealers, who added that similar circumstances had also occurred at Coonoor and Coimbatore auctions.

Only 72 percent of the 3,27,459 kg that were offered for sale at Kochi's auction were sold. As a result of numerous withdrawals, the market for Nilgiri whole leaf and broken leaves declined by 5 to 10. Exporters to the CIS and West Asia were discriminating in the face of a weak market, according to the auctioneers Forbes, Ewart, and Figgis. There was a weak feature and overall loss on the market for secondary bonds across all sectors.

With a quantity provided of only 36,000 kg and an 80 percent sales ratio, the CTC leaf market was likewise 2 to 3 cents lower. With a sales rate of 82% of the 8,65,657 kg in available quantities, the market for CTC dust likewise performed poorly. Market declines of between one and two points were seen, along with some withdrawals. At $135.98 per kg, the average price realised was $2 less than the previous year. Upcountry customers, exporters, and sellers of loose tea from Kerala were picky and reserved. Exporters absorbed a minor portion of the 4,000 kg of total offerings of traditional dust.