The cumulative turnover at Coonoor Tea Trade Association (CTTA) auctions till last month continued to be less than the corresponding level of last year.

Till April, players at CTTA auction had earned less compared to 2014, but in May and June, they earned more.

However, the earnings dropped again in July, August, September and October.

This falling trend continued in November although the decline was only marginal.

Although the volume sold till November had risen over last year by 13 lakh kg, that was possible only by sacrificing prices by ₹2/kg.

Till end-November, 48 auctions had been held.

Since about 25 per cent of volume had remained unsold in most auctions, producers reduced their asking price resulting in average price falling to ₹71.65 per kg from ₹73.39.

The lower price helped higher absorption with the volume sold rising to 5.53 crore kg from 5.40 crore kg.

Nevertheless, the overall turnover dropped to ₹396.22 crore from ₹396.31 crore.

There has been an improvement in the absorption level in December.

Last week, 94 per cent of the offer was absorbed at an average price of ₹82.55 per kg – ₹2 more than the previous week.

The price is significantly higher than ₹66.33 received this time last year.

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