Tea prices drop over poor grade
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Average tea prices in India, the world's second-biggest producer, fell at this week's auction as buyers sought hefty discount for poor grade leaf.
The CTC (crush-tear-curl) grade leaf was sold at Rs 115.63 ($1.85) per kg this week, down 3.8 per cent from the previous auction, while prices of the dust grade edged up 1 per cent to Rs 118.12 per kg.
"This week demand was good but buyers were seeking season-end supplies at lower prices," said a Kolkata-based dealer.
The highest price for top Kenyan tea slipped to $4.13 per kg at this week's auction from $4.41 per kg last week, Africa Tea Brokers (ATB) said on Wednesday.
India's tea production in 2013 rose by 6.5 per cent from a year earlier to a record 1,200 million kg, the Indian Tea Association said, as small growers in the north-eastern part of the country plucked more leaves.
The CTC (crush-tear-curl) grade leaf was sold at Rs 115.63 ($1.85) per kg this week, down 3.8 per cent from the previous auction, while prices of the dust grade edged up 1 per cent to Rs 118.12 per kg.
"This week demand was good but buyers were seeking season-end supplies at lower prices," said a Kolkata-based dealer.
The highest price for top Kenyan tea slipped to $4.13 per kg at this week's auction from $4.41 per kg last week, Africa Tea Brokers (ATB) said on Wednesday.
India's tea production in 2013 rose by 6.5 per cent from a year earlier to a record 1,200 million kg, the Indian Tea Association said, as small growers in the north-eastern part of the country plucked more leaves.
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First Published: Feb 14 2014 | 8:34 PM IST