The turnover of the auctions of Coonoor Tea Trade Association in January increased by a whopping 85.12 per cent over January 2012, reveals an analysis of the market reports.
This has happened because as much as 1.25 lakh kg more volume has been sold despite each kg fetching nearly Rs 30 more. The volume sold and price fetched have increased for both orthodox and CTC teas.
The increased turnover lay spread among factory owners, growers, traders, workers, auctioneers and warehouse keepers.
In all, four auctions had been held in January. Upcountry buyers exerted pressure all through the month for high-priced brighter-liquoring tea because of low volumes in North Indian auctions arising from reduced harvest due to winter conditions. This pushed up prices to an average of Rs 98.71 a kg from Rs 68.74 in January 2012.
Despite this sharp increase in price, buyers purchased more volume to sustain their trade. In all, 5.57 million kg (mkg) was sold against 4.32 mkg in January last year.
Consequently, the overall turnover in the month rose to Rs 54.98 crore from Rs 29.70 crore in January 2012. This marked an increase of Rs 25.28 crore or a whopping 85.12 per cent in just one month.