August 5, 2013 / 6:09 AM / 4 years ago

Indian tea prices ease on sluggish demand

MUMBAI, Aug 5 (Reuters) - Tea prices in India, the world's
second-biggest producer, edged lower at last week's auction on
higher supplies of medium grade tea and weak demand from local
buyers.
    The CTC (crush-tear-curl) grade was sold at 143.75 rupees
per kg, down 2.2 percent from the previous week's auction, while
the dust variety was sold at 155.27 rupees per kg, down 1.23
percent.
    "Demand was weak. Tata Global Beverages was active, but HUL
(Hindustan Unilever Ltd) was nearly absent in the market," said
a Kolkata-based dealer.
    "Exports demand was also weak for CTC. Exporters are facing
tough competition from Kenya," he said.
    The average price of Kenya's top grade Broken Pekoe Ones tea
dipped to $3.88 per kg at last week's sale from $3.90 at the
previous one, trader Africa Tea Brokers said. 
    
    Prices at the latest auction (July 30-31 and Aug 1)     
    (Quantity in kg; price in rupees per kg)     
-------------------------------------------------------------   
Variety    Offered quantity     Sold quantity   Average Price  
-------------------------------------------------------------   
CTC Leaf      2,995,773            1,963,771          143.75
Dust tea      1,341,778              984,125          155.27
           
    Prices in the previous auction (July 23-25)         
--------------------------------------------------------------  
CTC Leaf      3,312,008            2,091,226          147.04 
Dust tea      1,381,496            1,064,710          157.21 
    Source: Calcutta Tea Traders' Association     

 (Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)

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