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Tea auctions of Coonoor Tea Trade Association for calendar 2017 have ended on a happy note with increased sale at higher price over many previous weeks.
The market will remain closed for a fortnight for Christmas and New Year vacation and the first sale for 2018 will be held on January 4.
At the final auction for 2017, average price rose to ₹84.21 a kg. This was two rupees more than the previous week and six rupees more than the sale held a fortnight ago.
Besides, this was the highest average price fetched since May 26. So, it was seven-month high price.
Despite this, about 90 per cent of the offer was sold because of increased winter demand from upcountry buyers and select exporters.
Collectively, the turnover in the year’s last sale rose to ₹11.06 crore from ₹9.52 crore in the penultimate sale of the year. This meant an increase of 16.18 per cent in just one week.
However, the price at the year-end was significantly less than the average of ₹107.55 a kg fetched this time last year. This meant that every kg now sold fetched as much as ₹24 less than this time last year.
The tea producers and traders are entering 2018 on the hopes of increased prices arising from better quality offerings at the auctions.
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