Agri Business

Teas worth ₹4 cr unsold at Coonoor auctions

Coonoor | Updated on November 26, 2019 Published on November 26, 2019

Teas worth ₹3.93 crore remained unsold at Sale 47 of Coonoor Tea Trade Association auctions as there were no takers for as much as 29 per cent of the offer.

This happened because of a general lack of demand from both the upcountry buyers and exporters.

Buyers said the government should amend its economic and tax policies to put more cash at their disposal to activate demand.

The export-oriented orthodox teas from corporate sector could not fetch impressively higher prices. The CTC Pekoe Dust tea from a bought leaf factory, Homedale Tea Factory, auctioned by Global Tea Brokers, topped the entire auctions when Benniel and Co bought it for ₹277 a kg. Homedale Super Red Rust grade, auctioned by Global Tea Brokers, followed at ₹257.

In the CTC Leaf tea auctions, two grades of Homedale teas, auctioned by Global Tea Brokers topped at ₹231 and ₹226 each. No other CTC teas from any factory could enter the high-price bracket of ₹200 per kg.

The highest price among the orthodox teas was ₹246 a kg fetched by Chamraj. Kodanad got ₹220 and Glendale ₹207.

There was resistance to buy high-priced teas. The average price remained flat at ₹79.97 a kg. This time last year, the average price was significantly higher at ₹102.53 a kg.

Published on November 26, 2019
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