The Hindu Business Line : 19-week low offerings at Coonoor tea auction

Coonoor, Aug 20 The volume of 10.80 lakh kg catalogued for Sale No: 34 of the Coonoor Tea Trade Association (CTTA) auctions to be held on Thursday and Friday is the lowest of the last 19 weeks. It is lower than last week’s offer by 42,000 kg. It is, however, 65,000 kg more than the volume offered this time last year.

Fresh arrivals continue to be high, accounting for as much as 10.52 lakh kg in the offer of 10.80 lakh kgs. The balance comprises teas remaining unsold in previous auctions.

Of the 10.80 lakh kg on offer, 7.70 lakh kg belong to the leaf grades and 3.10 lakh kg belong to the dust grades. Again, as much as 10.16 lakh kg belong to the CTC variety and only 0.64 lakh kg, orthodox variety.

The proportion of orthodox teas continues to be low in both the leaf and dust grades. In the leaf counter, only 0.26 lakh kg belong to orthodox while 7.44 lakh kg, CTC. Among the dusts, only 0.38 lakh kgs belong to orthodox while 2.72 lakh kgs, CTC.

competitive bidding

Auctioneers said that competitive bidding to absorb the low volume would keep the market buoyant as last week when prices rose by Rs 2 a kg. The bottom level rose by Rs 4 to average Rs 58.

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