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A volume of 9.50 lakh kg will be offered for Sale No: 8 of the auctions of Coonoor Tea Trade Association (CTTA) to be conducted tomorrow and on Friday, reveals an analysis of the listing by brokers.
This is 38,000 kg less than last week's offer but 5.60 lakh kg less than the offer this time last year.
Of the 9.50 lakh kg, 6.66 lakh kg belongs to the leaf grades and 3.84 lakh kg to the dust grades. As much as 8.86 lakh kg belongs to CTC variety and only 0.64 lakh kg is orthodox. The proportion of orthodox teas continues to be low in the leaf and dust grades. In the leaf counter, only 0.38 lakh kg belongs to orthodox while 6.28 lakh kg is CTC. Among the dusts, only 0.26 lakh kg belongs to orthodox while 2.58 lakh kg is CTC.
In the 9.50 lakh kg, fresh tea accounts for 8.67 lakh kg and 83,000 kg comprises teas remaining unsold in previous auctions. Although the offer is lower than last year, demand has been inadequate. Export purchases were weak in last few weeks. Purchase has practically come to a standstill for West Asian markets following internal unrest in Tunisia, Egypt, Yemen and Libya, besides Iraq. Last week, unsold stock was depleted only by reducing prices by Rs 3 a kg.
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