Tea trade to continue under lockdown till April 14

P S SUNDAR Coonoor | Updated on April 01, 2020 Published on April 01, 2020

After holding meeting through video conferencing, the Managing Committee of Coonoor Tea Trade Association (CTTA) has decided to continue with the lockdown till April 14.

Before the announcement of the national lockdown, the Managing Committee had planned to review the situation on March 30 and decide about future course of action.

It held a meeting through video conferencing on March 31, in the context of the Nilgiris tea industry having been recently allowed to reopen for production.

It decided that the offices of the CTTA, its broker members and the warehouses remain closed till April 14. This means the trade will be in a standstill despite production being allowed.

The CTTA has now decided that the Sale No: 13 which stands deferred since March 26 would be held on April 18. At current prices, this means, teas worth about ₹10.68 crore already catalogued for this auction will have to wait for 18 more days. Both the leaf and dust auctions will be held on one day.

The CTTA has also decided to drop Sale Nos: 14 to 16 and conduct Sale No: 17 on April 24, single day for both leaf and dust auctions. It said that from Sale No: 18, regular auction programme will be followed.

In the context of payments yet to be received from buyers for the teas already purchased in Sale No: 11 and 12, the CTTA has requested the buyers to make the payments to help the sellers tide over their economic crisis.

The Managing Committee will again meet through video conference on April 15 to review the situation.

Trade will continue to be in a standstill at Coimbatore auctions as well since the Tea Trade Association of Coimbatore has said that the offices of warehouses and brokers will remain closed till April 14.

It will conduct its postponed Sale No: 13 on April 15 or 22 depending upon the situation prevailing on April 13.

Published on April 01, 2020

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