Indian tea steady as robust demand offsets rising supply
Tuesday, 24 September 2013 00:00
MUMBAI (Reuters): Tea prices in India, the world’s second-biggest producer, were largely steady at last week’s auction as a slight improvement in supplies was countered by robust local demand.
The CTC (crush-tear-curl) grade was sold at 143.66 rupees per kilogram, up 0.45% from the previous week’s auction, while the dust variety was steady at 149.63 rupees per kilogram.
“All leading buyers were active in the market. Tata Global Beverages, HUL (Hindustan Unilever Ltd) and Kesaria all bought decent volumes,” said a Kolkata-based dealer.
Tea plucking in India usually rises between July and October.
The average price of Kenya’s top grade Broken Pekoe Ones tea climbed to $ 3.91 per kilogram at last week’s auction from $ 3.82 per kilogram in the previous auction.