The rising trend witnessed in the auctions of Coonoor Tea Trade Association in the recent weeks continued this week. At Sale No: 31 which concluded on Friday, the average price rose to ₹84.90 a kg – the highest of 13 weeks.
It was as much as ₹10 more per kg compared the average price this time last year. It was ₹1.84 more per kg over the average recorded in the previous sale held last week. “The prices have been increasing in the recent weeks because of higher demand from packeteers and exporters. We are waiting for some improvement in the demand from domestic traders as well because when that comes, the overall prices would improve further”, Nishant Vakharia, Chairman, Coonoor Tea Trade Association, told Business Line .
However, the higher price reduced the intake by traders. A volume of 13.60 lakh kg was bought against 14.35 lakh kg in the previous week. Consequently, there was a drop of 3.10 per cent in the overall earnings this week over last week. The turnover dropped to ₹11.55 crore this week from ₹11.92 crore last week. This was the lowest turnover in the last 12 weeks.
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