The auctions of Coonoor Tea Trade Association (CTTA) for 2018 have begun on an encouraging note as the turnover in the opening month has increased by three per cent over January 2017.
In January, four weekly auctions had been held when, to kindle increased demand, producers sacrificed prices by ₹19.13 a kg. This helped the buyers purchase 0.91 million kg (mkg) more than in January 2017, our analysis of the market reports reveals.
The average prices dropped to ₹88.79 a kg from ₹107.92 in January 2017. This helped the volume purchased to rise to 4.53 mkg from 3.61 mkg.
Consequently, the overall turnover increased to ₹40.13 crore from ₹38.96 crore. This increase of ₹1.17 crore marked a growth of three per cent.
The increased earning of over a crore rupees in just one month lay spread among tea manufacturers, growers, brokers, warehouse keepers and workers.
If this trend continues, trade sources expect the overall turnover in the year to increase by ₹12 crore over 2017.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.