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The turnover of the auctions of Coonoor Tea Trade Association in the first quarter (Q1) of current calendar has fallen by 7.12 per cent over the corresponding period of 2017. This has happened despite an increase in volumes because prices crashed by ₹15.29 a kg. Volume sold increased by nine lakh kg, reveals an analysis of market reports. Till March end, 13 auctions had been conducted when, to avoid piling of unsold stocks, the producers reduced the price to an average of ₹92.79 a kg from ₹108.08 in the same period of 2017. This helped increased absorption and the volume sold rose to 1.19 crore kg from 1.10 crore kg last year.
Nevertheless, the sacrifice in price was sharper than the sale volume gained.
Consequently, the cumulative turnover in the first quarter dropped to ₹110.42 crore from ₹118.89 crore in Jan-Mar 2017.
This fall of ₹8.47 crore marked a decline of 7.12 per cent.
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