Agri Business

Huge volume catalogued for today’s tea auctions

PS Sundar Coonoor | Updated on October 24, 2019

 

A huge volume of 20.92 lakh kg, as much as 3.11 lakh kg more than last week’s offer, is coming up for the pre-Diwali Sale No: 43 of the Coonoor Tea Trade Association (CTTA) to be held on Friday in an ambience unseen in the 56-year history of the CTTA.

Both the Leaf (volume: 14.68 lakh kg) and Dust (6.24 lakh kg) tea auctions will be held on Friday even as the auctions of Coimbatore and Kochi will also be held on the same day following an unprecedented order by the Tea Board to conduct all auctions this week only on Friday.

With no reason mentioned for this first-of-its-kind order in the Tea Board’s official communication to the auction authorities, speculation is rife in tea industry and trade circles.

Some trading sources said that it would be difficult for them to spread their investment on the huge canvas of teas catalogued in the three auction centres on a single day.

Many are wondering if the Board will permanently ban players it had blacklisted from trade operations. With the Tea Board having identified persons who had manufactured, sold/auctioned and bought adulterated or coloured teas in the auctions, some consumers are asking if action wil be taken to arrest them for disseminating in the market such teas, as it also impacts the confidence of end consumers.

In this backdrop, 19.60 lakh kg of CTC and 1.32 lakh kg of orthodox teas are awaiting buyers’ patronage at the CTTA auctions on Friday.

Already, last week, teas worth ₹4.54 crore remained unsold as there were no takers for as much as 31 per cent of the offer.

Published on October 24, 2019

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