The average prices at Sale No: 28 of the auctions of Coonoor Tea Trade Association crashed to ₹ 92.05 a kg – the lowest of not only all the auctions held so far this calendar but the lowest since March 20, 2020 when the price was ₹ 82.32.
The low price brought in better demand than the previous week especially from upcountry buyers. Exporters lent selective support. Overall, nearly 85 per cent of the tea on offer was absorbed.
Consequently, the overall earnings increased to ₹ 19.23 crore from ₹ 17.38 crore in the previous week. This meant that the earnings rose by ₹ 1.85 crore or 10.64 per cent in just one week.
Nevertheless, the demand from both upcountry buyers and exporters was inadequate to absorb the teas on auction. Consequently, teas worth ₹4.14 crore remained unsold as there were no takers for about 20 per cent of the offer.
“The green tea from Pascoes Woodlands topped the auctions when Shree Ganesh Tea Trading Company bought it for ₹ 305 a kg”, Ravichandran Broos, General Manager, Paramount Tea Marketing (SI) P Ltd., who auctioned this tea, told BusinessLine.
No other tea could cross the ₹ 300/kg mark.
Among orthodox teas, Kodanad got ₹ 262, Glendale and Nonsuch Orthodox ₹ 236 each, Kil Kotagiri ₹ 210, Brookelands Gold ₹ 208 and Devashola ₹ 203.
Among CTC teas, Pinewood Estate got ₹ 231, Hittakkal Estate ₹ 216, Bellatti Estate ₹ 211, Shanthi Supreme and Vigneshwar Estate ₹ 207 each, Bathma Excel ₹ 206 and Waver Tree ₹ 201.
Published at Mon, 19 Jul 2021 12:18:58 +0000
This post originally posted here https://www.thehindubusinessline.com/economy/agri-business/coonoor-tea-auction-prices-touch-to-lowest-since-march20/article35406965.ece