Tea prices in India, the world's second biggest producer, jumped at this week's auction on a drop in supplies and robust demand from local and overseas buyers. The price of CTC (crush-tear-curl) tea jumped 3.6 percent to 148.27 rupees ($2.72) per kg, while the dust variety rose 1.4 percent to 153.6 rupees per kg. "Demand was good. Buyers were ready to pay higher price as winter season is approaching," an official at Calcutta Tea Traders' Association said.
Tea consumption rises in India during the winter months as people prefer it over cold drinks. Tea prices in Bangladesh rose at a fourth straight weekly auction on Tuesday, as demand continued to rise from buyers, brokers said. India's tea production in the first nine months of the year fell 1.3 percent year-on-year to 772.5 million kg as dry weather in Assam hampered plucking earlier in the year.
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