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A volume of 13.03 lakh kg has been catalogued for Sale No: 40 of Coonoor Tea Trade Association auctions to be held on Thursday and Friday, reveals an analysis of brokers’ listing.
It is about 41,000 kg less than last week’s offer and 43,000 kg less than the offer this time last year.
Of the 13.03 lakh kg on offer, 9.44 lakh kg belongs to the leaf grades and 3.59 lakh kg to the dust grades. As much as 12.49 lakh kg belongs to CTC and only 0.54 lakh kg, orthodox variety.
In the leaf counter, only 0.29 lakh kg belongs to orthodox while 9.15 lakh kg, CTC. Among dusts, only 0.25 lakh kg belongs to orthodox while 3.34 lakh kg, CTC.
The substantial portion of this volume comprises fresh teas totalling 11.35 lakh kg. About 1.68 lakh kg comprises teas which had remained unsold in previous auctions.
Last two weeks, about 30 per cent of the offer remained unsold due to weak export and domestic demand. “This week, exports to Iran may not take place in the context of Iran rial hitting all-time low against the dollar as sanctions by the US and European countries are taking a toll.
“Commodities are unavailable there despite high retail prices. There is no guarantee of our getting money, if we export tea to Iran now”, an exporter told Business Line .
Domestic demand may pick up if tea movement from Assam is hampered due to floods in Brahmaputra, a trader said.
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