The Hindu Business Line : Huge volumes of tea on offer at Coonoor auctions

ALTHOUGH there has been a considerable fall in the volume catalogued for the auctions of the Coonoor Tea Trade Association (CTTA) this week, the offer is still quite large on account of demand.

Nearly 17.43 lakh kg has been catalogued, which is the lowest in five weeks.

After recording 19.84 lakh kg volumes last week, the decline is significant. Nevertheless, considering that around 60 per cent of the offer in the recent weeks had gone unsold, this offer is still quite large to be absorbed wholly. Of the 17.43 lakh kg, as much as 12.38 lakh kg are of leaf grades. The remaining 5.05 lakh kg comes under the dust grades. Again, as much as 16.23 lakh kg are of CTC variety and the remaining 1.20 lakh kg under the orthodox category.

It is this continued over dependence on CTC teas that is pulling down the market significantly. CTC teas are fetching only around Rs 31 a kg on an average, while the orthodox gets Rs 42.

The Iraqi purchases have failed to cheer the producers since the price offered was dismally low - Rs 24-28 a kg.

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