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Buoyancy continued at the second auction of Coonoor Tea Trade Association for 2013 which ended on Friday with the weekly turnover rising to a new high.
There was a marginal fall in the average prices – to Rs 99.34 a kg from last week’s Rs 99.76 which was the highest price compared with all the auctions of 2012, reveals our analysis of the market reports. Upcountry buyers exerted pressure as they wanted volumes following increased consumption of hot tea in the North Indian States reeling under severe cold and lower availability of North eastern teas due to winter closure.
This led to about 85 per cent of the 26-week high offer being absorbed.
In all, 15.95 lakh kg was sold against last week’s 15.03 lakh kg. This was the highest volume sold in 24 weeks. Consequently, the overall turnover increased to Rs 15.84 crore from Rs 14.99 crore last week.
This was the highest weekly turnover among all auctions of last year.
In effect, following a 42-paise-a-kg fall in price, consumption rose by 92,000 kg resulting in the turnover to increase by Rs 85 lakh or 5.67 per cent in one week.
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