Agri Business

93% tea sold at Coonoor auctions

P S SUNDAR Coonoor | Updated on April 27, 2021

Average price crashes to year’s lowest

As much as 93 per cent of the offer at sale 16 of the auction of Coonoor Tea Trade Association (CTTA) was sold with the average price crashing to year’s lowest level of ₹114.53 a kg – just 27 paise less than the previous week.

This was the highest sale percentage among all the auctions held so far this calendar.

“With reports of drought-like situation prevailing in North Indian plantations, upcountry buyers, apprehending shortfall in supply of those teas, picked up larger volumes in our auction to build up stocks which increased the sale percentage”, CTTA Chairman L Vairavan told BusinessLine.

“Traders in many States also wanted to build stocks to cater to their customers’ needs if disruption in trading activities happen due to lockdown”, he explained.

“Besides, the overall belief among consumers in India and abroad that tea helps to build immunity propelled higher demand at our auctions this week due to the spread of second wave of Covid-19 in many areas. Such increased demand happened for our teas during lockdown last year also”, he observed.

The Red Dust grade of Homedale Estate, auctioned by Global Tea Brokers, topped the entire auctions this week when Nishanthi Traders bought it for ₹ 301 a kg. This was the only tea, CTC or orthodox, from bought leaf or corporate sector, which crossed ₹300/kg mark this week.

Among other CTC teas, Pinewood Estate got ₹ 252, Crosshill Estate Special ₹ 215 and Bellati Estate ₹ 201.

Among orthodox teas, Kodanad got ₹ 278, Kairbetta ₹ 271, Havukal ₹ 240, Nonsuch Orthodox ₹ 231, Kil Kotagiri ₹ 218, Devashola ₹ 207, Mailoor ₹ 203 and Glendale ₹ 200.

Published on April 26, 2021

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