Prices crashed to an average of ₹90.36 a kg at sale 32 of the auctions of Coonoor Tea Trade Association – the lowest price not only among all the auctions held so far this calendar but the least since March 20, 2020.
The low price helped higher absorption as the volume sold hit a three-week high of 18.07 lakh kg. Nearly 83 per cent of the teas on offer was sold. The demand ahead of the festival season spreading from Onam, Moharrum, Varalakshmi Virutham, Avani Avittam to Krishna Jayanthi this month also helped increased absorption, buyers said.
Consequently, the earnings rose to ₹16.33 crore – the highest of the last three weeks. It also meant that the earnings increased by ₹2.96 crore or 22.14 per cent in just one week.
After a gap of over a month, the highest price crossed ₹300/kg. Homedale Estate’s CTC Broken Pekoe grade, auctioned by Global Tea Brokers, topped the auctions when Nisha Enterprises bought it for ₹316 a kg.
In the CTC Dust tea auction, Crosshill Estate Premium grade, auctioned by Global Tea Brokers, topped at ₹220 a kg.
Among other CTC teas, Pinewood Estate got ₹228 and Shanthi supreme ₹202.
Among orthodox teas, Kil Kotagiri got ₹285 a kg, Kodanad ₹241, Glendale ₹227, Kairbetta ₹207, Brookelands Gold ₹206 and Havukal ₹205.