Heavy rains and flooding in Kerala have impacted the Kochi tea auction market, resulting in lower demand from local buyers and loose tea traders. The offered quantities in CTC dust in sale 31 were lower at 8,57,657 kg, and traders expect arrivals to fall further in the coming trading sessions due to heavy rains.
However, the active participation of Kerala State Civil Supplies Corporation and private companies, including Indcoserve, has held the market by procuring 72% of total quantities sold.
Supplyco purchased nearly two lakh tonnes of tea, ostensibly for inclusion in food kits supplied by the State Government through PDS for the upcoming Onam festival.
Traders estimate that the state-owned company will purchase 8 lakh kg before the festival season to meet demand. Upcountry purchasing was selective, while exporters absorbed more quantities than the previous week. However, their purchase was restricted to the bottom of the market.
According to Forbes, Ewart, and Figgis, good liquoring teas are valued more than high-priced teas. High-priced and popular marks increased in price by 2-3%.
The average price realization increased by 1 to 135. The market for orthodox dust was lower, and a small quantity of 9,000 kg offered was absorbed by exporters.
The leaf market, on the other hand, saw strong demand, with 80 percent of the offered quantities of 3,96,940 kg in orthodox grades sold due to large purchases by overseas buyers. Exporters to the CIS and West Asian countries provided substantial assistance.
CTC leaf varieties were in high demand, with broken prices holding firm, while fannings remained more expensive. The available quantities were 54,500 kg.
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