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A volume of 10.57 lakh kg will be offered for Sale No. 11 of the Coonoor Tea Trade Association (CTTA) auctions to be conducted on Thursday and Friday, reveals an analysis of the listing by brokers.
This is 62,000 kg less than last week's offer and as much as 3.93 lakh kg less than the offer this time last year.
Of the 10.57 lakh kg on offer, 7.45 lakh kg belongs to the leaf grades and 3.12 lakh kg to the dust grades. As much as 9.90 lakh kg is of CTC variety and only 0.67 lakh kg, orthodox variety. The proportion of orthodox teas continues to be low in both the leaf and dust grades. In the leaf counter, only 0.42 lakh kg belongs to orthodox while 7.03 lakh kg, CTC. Among the dusts, only 0.25 lakh kg belongs to orthodox while 2.87 lakh kg, CTC.
Japan disaster
In the 10.57 lakh kg, fresh tea accounts for 8.84 lakh kg and teas remaining unsold in previous auctions, 1.73 lakh kg. Last week, about 27 per cent of the offer remained unsold due to inadequate demand. Shipments to Japan have come to a standstill after the tsunami disaster there.
Even companies which have entered into direct export agreement are facing difficulty to honour commitments. “We are also uncertain about getting our payment given the magnitude of the disaster there, but we want to be generous in this hour of grief,” an exporter told Business Line .
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