Coonoor tea turnover slips to 19-week low

The turnover at the auctions of Coonoor Tea Trade Association hit a 19-week low at this week’s auction which concluded on Friday, says a market report. Although the volume sold marginally rose over last week, on an average, every kg lost about Rs 2. This week, 8.35 lakh kg tea was sold against 8.31 lakh kg last week. However, even this could be sold only by dropping the average price to Rs 87.60 a kg from Rs 89.08. The turnover also dropped to Rs 7.31 crore from Rs 7.40 crore, 1.22 per cent loss in one week. Both the domestic and export demand were inadequate to absorb the teas at higher prices. “Unfavourable trading conditions prevail in Pakistan, Tunisia, Egypt, Yemen, Iraq and Libya”, an exporter said. With upcountry buyers preferring Assam tea, domestic demand suffered here. This week, only 62.19 per cent of the offer was sold against 67.08 per cent last week.