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Increased absorption at higher prices helped the turnover of Sale No: 4 of the auctions of Coonoor Tea Trade Association which ended on Friday to rise over previous week.
Although the volume offered had fallen to 14.77 lakh kg from last week’s 16.36 lakh kg, a higher volume could be sold because 88.06 per cent was absorbed this week against 70.07 per cent last week. In all, 13 lakh kg was sold against last week’s 11.46 lakh kg.
The reduced offer pushed up the price to an average of Rs 98.17 a kg from last week’s Rs 97.53. As the demand was firm, more tea was absorbed despite price hike.
Consequently, the overall turnover this week rose to Rs 12.76 crore from Rs 11.18 crore last week. This meant that in just one week, the turnover gained Rs 1.58 crore or 14.13 per cent.
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