Although the offer of 23.32 lakh kg for Sale 17 of the auction of Coonoor Tea Trade Association (CTTA) was the highest for any auction so far this calendar, increased demand helped as much as 19.84 lakh kg of this offer (87 per cent) to be sold despite the average price rising to ₹ 117.48 a kg from previous week’s ₹114.53.
This resulted in the overall earnings to rise to ₹23.31 crore from ₹15.78 crore, marking a growth of ₹7.53 crore or 47.72 per cent in just one week.
“Pascoes Woodlands Green tea topped the entire auctions this week when Radhika Traders bought it for ₹300 a kg”, Ravichandran Broos, General Manager, Paramount Tea Marketing (SI) P Ltd., who auctioned this tea, told
Among CTC teas, Homedale Estate’s Broken Orange Pekoe grade, auctioned by Global Tea Brokers, topped when Oswal Tea Traders bought it for ₹296 a kg.
Pinewood Estate got ₹256, Crosshill Estate Special ₹251 and Vigneshwar Estate ₹200.
Among orthodox teas, Kodanad got ₹282, Havukal ₹240, Glendale ₹229, Nonsuch Orthodox ₹226, Devashola and Kil Kotagiri ₹215 each and Chamraj ₹205.
Covid-led consumption
“The general belief among consumers in India and abroad that tea helps to build immunity propelled higher absorption this week due to the spread of second wave of Covid-19 in many areas. Such increased demand happened for our teas during the lockdown last year also”, said CTTA Chairman L Vairavan.
“Traders in many States are building stocks to cater to their customers’ needs if disruption in trading activities happens due to lockdown”, he explained.
“Besides, with reports of drought-like situation prevailing in North Indian plantations, upcountry buyers, apprehending shortfall in supply of those teas, picked up larger volumes in our auction. Thanks to the exemption granted to the tea industry from lockdown in The Nilgiris, there is uninterrupted supply of quality teas in our auctions”, he disclosed.