Tea auction turnover up 9% in Q1

The cumulative turnover of the auctions of the Coonoor Tea Trade Association has risen by 9.12 per cent in the first quarter of the current calendar over the same period of 2016. This came about despite the volume sold falling by a lakh kg because of a spurt in the price by ₹9.93 a kg, reveals our analysis of market reports. Till March, 13 auctions had been conducted when the average price rose to ₹108.08 a kg from ₹98.15. This increase in the asking price prompted some buying resistance, resulting in the sales volume falling to 1.10 crore kg from 1.11 crore kg in Jan-March 2016.