Coonoor tea trade turnover dips

The cumulative turnover at Coonoor Tea Trade Association (CTTA) auctions till last month continued to be less than the corresponding level of last year.

Till April, players at CTTA auction had earned less compared to 2014 but in May and June, they earned more. However, the earnings dropped again in July, August and September. This falling trend continued in October. Although the volume sold till October had risen over last year by 17 lakh kg that was possible only by sacrificing prices by ₹3 a kg.

Till October end, 44 auctions had been held. Since about 25 per cent of the volume had remained unsold in most auctions, producers reduced their asking price resulting in average price falling to ₹71.32/kg from ₹74.47.

The lower price helped higher absorption with the volume sold rising to 5.09 crore kg from 4.92 crore kg. Nevertheless, the overall turnover dropped to ₹363.02 crore from ₹366.39 crore – a decline of 0.92 per cent.