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With the average price crashing to ₹ 117.64 a kg — the lowest so far this calendar — as much as 83.09 per cent of the offer at sale 14 of the auction of Coonoor Tea Trade Association was sold.
This resulted in the overall earnings to rise by ₹ 3.68 crore or 29.73 per cent in just one week to reach ₹ 16.06 crore.
Homedale Estate’s Pekoe Dust grade, auctioned by Global Tea Brokers, topped the entire auction when Dhruv Enterprises bought it at ₹ 317 a kg. Homedale Estate’s Red Dust grade, auctioned by Global Tea Brokers, followed at ₹ 303. These were the only teas which crossed ₹ 300/kg mark.
Among other CTC teas, Pinewood Estate got ₹ 278, Crosshill Estate Special ₹ 233, Kannavarai Estate ₹ 230, Hittakkal Estate ₹ 216 and Vigneshwar Estate ₹ 206.
Among orthodox teas, Chamraj got ₹ 285, Kodanad ₹ 266, Kairbetta and Havukal ₹ 250 each, Glendale ₹ 233, Kil Kotagiri ₹ 220, Nonsuch Orthodox ₹ 217, Devashola ₹ 216 and Mailoor₹ 211.
“Prices dropped as the market underwent correction following high prices in the recent weeks”, a buyers told BusinessLine .
Some upcountry buyers said that before investing on high-priced teas, they would wait to see if there would be any trade restrictions in the wake of second wave of Covid-19.
Also, volumes of teas from the North-East are likely to hit the market in coming weeks after the winter closure of the factories there.
Exporters were selective for the same reason.
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