This week’s turnover of Coonoor Tea Trade Association auction which ended on Friday has fallen by 10.50 per cent over last week, reveals an analysis of market reports.
It happened despite an increase in price because of reduction in the volume sold.
On an average, every kg fetched Rs 91.85 this week against Rs 91.81 last week. This was the highest price fetched in 14 weeks. The high price was due to increased demand from upcountry buyers arising from, among others, uncertainty in the supplies from Assam following internal unrest there.
However, the high price reduced the off-take of some grades. In all, only 10.11 lakh kg (11.30 lakh kg) could be sold. In effect, 86.08 per cent of the offer was sold this week against 90.64 per cent last week.
Consequently, the turnover fell to Rs 9.29 crore (Rs 10.38 crore).
This meant that in just one week, the turnover has fallen by as much as Rs 1.09 crore or 10.50 per cent.