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Despite the offer for sale 38 of the auctions of Coonoor Tea Trade Association hitting a historic five-month low level, the demand from exporters and upcountry buyers was subdued. Teas could be sold only when the producers reduced their asking price. In effect, the average price nosedived to ₹92.45 a kg – the lowest of the past one month.
Some upcountry byers said that they paid price matching with the quality of the teas on offer.
Many lots of high-priced teas had to be withdrawn for want of adequate bids. Exporters were selective and chose low or medium-priced teas to ship to safer destinations. The bulk of the teas bought for exports was less than ₹100/kg.
In all, the volume sold crashed to 13.69 lakh kg – the lowest of over five months.
With reduced volume being sold at a lower average price, the overall earnings dropped to ₹12.66 crore from previous week’s ₹14.18 crore. This marked a decline of as much as ₹1.52 crore or 10.72 per cent in the earnings in just one week.
No tea could cross the ₹300 per kg level this week. Homedale Estate’s CTC Pekoe Dust grade, auctioned by Global Tea Auctioneers Pvt Ltd (GTAPL), topped the entire auctions when Shah Traders bought it for ₹293 a kg.
While two CTC dust grades of Crosshill Estate Premium, auctioned by GTAPL, followed at ₹231 and ₹ 220, in the CTC Dust market, Crosshill Estate Premium, auctioned by GTAPL, topped at ₹200. No other CTC grade could cross the ₹200 mark.
Among orthodox teas, Chamraj got ₹272, Kodanad ₹255 and Nonsuch Orthodox ₹212.
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