This week’s turnover of Coonoor Tea Trade Association auction that ended on Friday has declined to the lowest level of the last 14 weeks, reveals an analysis of market reports.
Although prices had increased over last week, the volume sold was dismally low. On an average, every kg fetched Rs 90.10 against Rs 87.34 last week. This was the highest price fetched in 12 weeks.
However, the high price reduced the offtake. Only 9.17 lakh kg could be sold this week against 11.74 lakh kg last week. This was the lowest volume sold in 14 weeks. Consequently, the turnover fell to Rs 8.27 crore from Rs 10.25 crore last week. This was the lowest turnover in 14 weeks. On May 25, the turnover was Rs 7.56 crore but ever since then, it had been more than this week’s level.
This also meant that in just one week, the turnover has declined by Rs 1.98 crore or 19.32 per cent.