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The cumulative turnover in the auctions of Coonoor Tea Trade Association (CTTA) in the first two months of current calendar has risen by 1.75 per cent over the same period of 2015.
This has happened despite the volume sold falling by 1.8 million kg (mkg) because of a sharp rise of ₹24 per kg in the average price, reveals an analysis of market reports.
In the two months, eight auctions had been held when the average price rose to ₹100.97 a kg from ₹77.25 in 2015. Lower availability and the concomitant higher demand led to average prices rising to over ₹100/kg – a phenomenon unseen since 2013.
However, lower supplies and inability of some buyers to pay higher prices reduced the volume sold to 6.61 mkg from 8.41 mkg in 2015.
Still, the increase in price helped to make good the loss in volume sold. Consequently, the turnover in the two months increased to ₹66.74 crore from ₹64.97 crore in 2015.
This increase of ₹1.77 crore marked a growth of 1.75 per cent.
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