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The recent trend of large volumes of teas remaining unsold at auctions continued this week at Sale 10 of Coonoor Tea Trade Association that concluded on Friday. Nearly 35 per cent of the offer, worth ₹3.82 crore, remained unsold.
Still, there was an improvement in the percentage of sale, compared with last week, but that could happen only by sacrificing prices. Producers lowered their asking price to reduce the piling of unsold stocks and this led to the average prices dropping to ₹79.65 a kg from last week’s ₹80.74. This was the lowest average price since December 6, 2019.
This helped the percentage sold to rise to 64.91 per cent from last week’s 53.52 per cent.
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