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There will be no auction of Coonoor Tea Trade Association on Thursday on account of Lok Sabha elections in Tamil Nadu.
Usually, leaf auctions are held on Thursdays and dust auctions on Fridays.
This week, both the auctions will be held on Friday. Last week, both the auctions were held on Thursday because of market closure on Friday for Good Friday.
So, for the second consecutive week, the auction will be held on a single day.
Auction sources told Business Line that conducting auction on a single day this week would not be difficult as the volume offered has fallen considerably.
Following dry weather, harvest has been low in the tea fields and correspondingly, the arrival of the crop at factories has been just half last month’s volume.
Production of black tea has also been low and the offer for this week’s auction is only 10.41 lakh kg – as much as 1.93 lakh kg less than last week.
Last week also, about 22 per cent of 12.54 lakh kg offered remained unsold despite slashing prices to ₹73.32 a kg – the second lowest so far this calendar.
Even at this low price, the value of tea unsold totalled ₹1.86 crore.
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