There was a sharp decline of 26.98 per cent in the turnover of this week’s auctions of Coonoor Tea Trade Association which ended on Friday compared to last week.

This happened because the offtake plunged to a new low when prices rose to a record high.

Following adverse weather, the volume offered for sale itself was only 10.94 lakh kg – the lowest since May 31 except the auction held on Aug 30 when the offer was 10.20 lakh kg. Of this, 10.03 lakh kg was sold against 13.91 lakh kg last week. This was the lowest volume sold in nine weeks.

The demand continued to exert pressure on the low offer with more upcountry buyers preferring the teas here against the high-priced North Indian teas. This pushed up the prices to an average of Rs 93.61 a kg from Rs 92.42 last week. This was the highest price fetched so far this calendar.

Consequently, the overall turnover dropped to Rs 9.39 crore from Rs 12.86 crore last week. This was the lowest turnover in five weeks.

This marked a decline of Rs 3.47 crore or as much as 26.98 per cent in just one week, reveals an analysis of the market reports.

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