For the third consecutive week, the turnover of the auctions of Coonoor Tea Trade Association has posted an increase.
At Sale No: 5 which ended on Friday, the turnover increased by 2.82 per cent over the previous week, reveals an analysis of the market reports.
Compared to last week, the average prices stood flat at Rs 98.16 a kg. The absorption rate fell to 87 per cent from 88 per cent last week, but since the volume offered was more, 13.37 lakh kg was sold against 13 lakh kg in the previous week.
This was the highest volume sold in three weeks.
Consequently, the overall turnover this week rose to Rs 13.12 crore from Rs 12.76 crore last week.
This meant that in just one week, the turnover gained Rs 36 lakh or 2.82 per cent.
Pakistan was strong for selective grades in the range Rs 90-118 a kg.
The CIS bought for Rs 90-130. There was some purchase for European ports at Rs 92-105.
Quotations held by brokers indicated bids ranging Rs 85-89 a kg for plain leaf grades and Rs 110-150 for brighter liquoring sorts.
They ranged Rs 86-89 for plain dusts and Rs 105-150 for brighter liquoring dusts.