The ensuing Sabarimala pilgrimage season beginning on Saturday has begun to drive up tea prices at Kochi auctions.
Auctioneers Forbes, Ewart & Figgis said there was ₹2-3 per kg rise in CTC dust prices in sale number 46 due to a combination of factors including the commencement of the Sabarimala season, declining quantity in forthcoming auctions and the announcement of a hike in packet prices by major packeteers. These factors have triggered the prices in Kochi sale.
According to traders, tea consumption would rise during the pilgrimage season as it falls during the winter season, enabling good sales both for loose and packet teas. To cash in on the season, most Kerala-based tea producing companies would open their outlets in the hill shrine and Pampa.
Orthodox leaf lower
Meanwhile, the demand was strong with a sales percentage of 93 out of the offered quantities of 6,53,819 kg. The market opened ₹2-3 dearer for good liquoring teas and it appreciated further as the sale progressed. All blenders together absorbed 59 per cent of the total CTC quantity sold. There was a fair demand from loose tea traders and upcountry buyers, while export demand was subdued.
Orthodox dust market barely remained steady and tended to ease. The quantity offered was 9,500 kg with a sales percentage of 88. Exporters and upcountry buyers absorbed small quantities.
In orthodox leaf, the market was lower despite active participation of exporters to CIS and Middle East. The average price realisation was down by ₹3 at ₹174. The demand was strong with a sales percentage of 92 out of the offered quantity of 2,34,635 kg. The market for whole leaf was irregular and lower, while brokens was firm to dearer.
The sold percentage in CTC leaf was 66 out of the offered quantity of 1,14,000 kg. Brokens and Fannings were irregular and lower by ₹5-7 a kg and witnessed lot of withdrawals.
