MUMBAI: Tea prices in India, the world’s second-biggest producer, jumped at last week’s auction on robust demand from local buyers for good quality new season crop.
The CTC (crush-tear-curl) grade was sold at 154.51 rupees per kg, up 11 percent from the previous week’s auction, while prices of the dust variety surged 28.5 per cent to 167.76 rupees per kg.
“Supplies have started from the new season crop, which is better than last year’s end season supplies,” said an official of the Calcutta Tea Traders’ Association.
“Local buyers were waiting for the new season crop and they are ready to pay a premium due to concerns over production.”
India exports CTC tea mainly to Egypt, Pakistan and the UK, and the premium orthodox variety to Iraq, Iran and Russia.