The average prices plummeted to the year’s lowest level of Rs 85.61 a kg at Sale No: 29 of the Coonoor Tea Trade Association auction.
Last week’s average price of Rs 88.25 was the lowest until then this calendar.
Prices dropped in the background of enormous supply. The offer of 20.53 lakh kg was the highest so far this calendar.
The lorry strike threatening the blockade of transport of the purchased tea to Kerala through Walayar check-post curtailed the interest of some buyers.
There was only select purchase for Pakistan at Rs 75-102. Purchase for the CIS was confined to a few consignments at Rs 71-89. Some odd shipments for European ports were bid for Rs 68-86.
“Whole leaf orthodox fetched Rs 4-5 a kg more. High-priced CTC leaf gained Rs 1-2 while mediums eased Rs 2-4 with many plainers remaining unsold despite shedding up to Rs 4. Orthodox leaf eased Rs 1-2.
High-priced CTC dust gained Rs 2-3 and mediums Rs 1-2 while plainers lot up to Rs 2”, an auctioneer told Business Line .
In effect, 15.11 lakh kg was sold this week against 13.10 lakh kg last week.
The turnover rose to Rs 12.94 crore from Rs 11.56 crore, marking a growth of 12 per cent in one week.