The Hindu Business Line : No buyers for tea at Coonoor e-auctions

THE electronic auctions conducted by the Coonoor Tea Trade Association (CTTA) here on Saturday ended up without any bids inside the auction room since buyers were absent.

As the electronic system failed on Friday, the Managing Committee had decided to conduct manual sale on Saturday for the dust grades, which had been catalogued.

Accordingly, when the auctions started this morning, Carrit Moran & Co P Ltd, the first brokers for the day, conducted manual auctions. By the time the sale was over, the CTTA authorities received instructions from the Tea Board that the auctions would have to be conducted only through electronic process and not manual.

"When we announced this and got ready to go for the e-auctions, the buyers left the hall contending that they had come prepared only for manual sale. They held that it was too much to shuttle them between the manual and electronic auctions," an official told Business Line.

As a result, there were no buyers inside the auction hall. Each broker waited till the end of the time given to him and then gave way to the next broker.

The official said CTTA conducted the auctions, but there was no sale through electronic system inside the auction room. Today's auctions covered the dust grades. The leaf grades are scheduled to be put for auction on Monday.

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