Buoyancy continued in the post-Diwali auction which ended on Friday with the turnover rising to 16-week high.
In addition to the increased demand for Diwali festival season, the market faced pressure from upcountry buyers for brighter liquoring teas as they preferred not to invest in Assam teas because of the prevailing unrest in that State.
Due to this increased demand, prices rose to an average of Rs 89.27 a kg from Rs 87.75 last week. This was the highest price in nine weeks. Because of the demand, as much as 96.5 per cent of the offer of 13.08 lakh kg was sold. This was the highest sale percentage so far this year.
In effect, 12.50 lakh kg was sold against 11.47 lakh kg last week. This was the highest volume sold in 15 weeks. Consequently, the turnover rose to Rs 11.06 crore from Rs 10.06 crore. This marked an increase of as much as Rs 1.10 crore or 10.93 per cent in one week, reveals an analysis of the market reports.
This was the highest turnover in 16 weeks.