Agri Business

12-week high price at Coonoor tea auction

P S SUNDAR Coonoor | Updated on May 17, 2021

No takers for 20% of the offer

The average price at Sale 19 of the auction of Coonoor Tea Trade Association (CTTA) rose to a 12-week high level of ₹125.87 a kg – up from previous week’s ₹121.53.

However, as various States imposed stringent Covid-19 restrictions, the demand was generally weak resulting in withdrawals across the different lots.

In all, teas worth ₹5.78 crore remained unsold as there were no takers for some 20 per cent of the offer.

“The green tea of Pascoes Woodlands topped the entire auctions when Komal Enterprises bought it for ₹301 a kg,” Ravichandran Broos, General Manager of Paramount Tea Marketing, who auctioned this tea, told BusinessLine.

Among orthodox teas, Kodanad got ₹ 270, Kairbetta ₹ 240, Nonsuch Orthodox ₹ 233, Glendale ₹ 226, Havukal ₹ 225 and Chamraj ₹ 223.

Among CTC teas, Pinewood Estate got ₹ 245, Crosshill Estate Special ₹ 218 and Hittakkal Estate ₹ 206.

“Because of the widespread lockdown, many buyers have complained that the tea samples they had sent to their principals in upcountry markets had not reached them at all which prevented them from receiving orders in time for bidding,” CTTA Chairman L Vairavan said.

“Also, buyers complained of a fund-crunch as they have not received all their payments for the teas already sold as their customers’ offices are remaining closed due to lockdown,” he disclosed.

“Besides, the very fact that traders are not able to open shops in various States means ‘no orders now’. However, in the context of the second wave weakening in the country as a whole, we expect a higher demand in the coming weeks,” he observed.

“Our auctions are going on uninterrupted and there is adequate supply to fulfil any demand,” he averred.

Published on May 17, 2021

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