MUMBAI: Average tea prices in India, the world's second-biggest producer, fell at last week's auction on subdued demand and higher supplies from the top producing north-eastern state of Assam.
The CTC (crush-tear-curl) grade leaf was sold at 152.43 rupees per kg last week, down 4.5 percent from the previous auction, while prices of the dust grade edged up 0.9 percent to 165.61 rupees per kg.
"Supply of CTC leaf rose, but demand wasn't robust. Buyers are expecting further rise in supplies in coming weeks," said a Kolkata-based dealer.
India's tea production in June rose 3.3 percent from a year earlier to 141.32 million kg as plucking gained momentum in the southern states of Tamil Nadu and Kerala.
The country's tea exports in the first half of 2014 rose 6.7 percent from a year earlier to 94.53 million kg due to higher purchases by the UK and Pakistan.
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