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Best Commodity News Today- Tea Board to confine auction of Teas priced below Rs 60/kg
As part of its initiative to check the flow of sub-standard Teas and help improve the price discovery at auction centers, the Tea Board of India proposes to restrict auction of Tea s priced below Rs 60/kg.
According to sources, sub-standard Teas are mostly sold through the private channel, which accounts for roughly 60 percent of the total trade.
According to a letter issued on February 15, the minimum price is proposed based on the three-year auction average. Though auction centers handle a fraction of the total Tea produced in the country, they set the price benchmarks for domestic private sales and exports.
It is, however, not clear to what extent the minimum price benchmark will pull the averages in North India it contributes nearly 75 percent of country’s total production, as Teas are rarely sold below Rs 60 a kg at auctions.
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