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PS Sundar
Tea producers and traders who operated through the auctions of Coonoor Tea Trade Association (CTTA) have earned 4.74 per cent less till October compared to the same months of 2018.
This happened because of a resistance to pay more. When the asking price increased by ₹2.67 a kg, the volume sold dropped by 31 lakh kg, our analysis of the market reports reveals.
Till October, 44 auctions had been conducted when the average price rose to ₹91.11 a kg from ₹ 88.44. This rise in price created resistance among buyers who were not prepared to pay more. Hence, the volume sold dropped to 5.05 crore kg from 5.36 crore kg.
Consequently, the earnings dropped to ₹460.11 crore from ₹474.04 crore. This fall of ₹13.93 crore marked a decline of 4.74 per cent. With only two more months to go for the year end, the players are worried that the overall earnings my drop by ₹14 crore over 2018.
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