Coonoor tea auction prices dip to new low

The falling trend in price ranges ongoing at Sale No: twenty five of the auctions of Coonoor Tea Trade Association when the typical rate crashed to a new reduced ₹95.fifty one a kg.

This was not only the least expensive rate between all the auctions held so far in the current calendar but the least expensive due to the fact May possibly 15, 2020 when the typical rate was ₹93.ninety three a kg.

From June 12 of 2020, at every auction, the typical rate ruled earlier mentioned ₹100 a kg primarily mainly because of the greater demand from customers arising from the prevalent belief that tea helps to make immunity in the backdrop of Covid-19 spreading like wildfire across the world.

At this week’s auctions, 88.08 per cent of the present was sold served by the rate crash.

The volume sold rose to 23.37 lakh kg from twenty.41 lakh kg in the preceding auction with the typical rate dropping to ₹95.fifty one a kg from ₹98.seventy five. The higher volume served the all round earnings to rise to ₹22.32 crore from ₹20.15 crore – an improve of ₹2.seventeen crore or ten.77 per cent in just 1 week.

Two grades of tea from the modest-scale purchased leaf tea manufacturing unit Homedale Tea Factory topped the total auction beating the price ranges from even corporates. Its Pekoe Dust grade, auctioned by Worldwide Tea Brokers, topped the auctions when Tea Companies India Pvt Ltd., purchased it for ₹305 a kg.

Homedale Estate’s Damaged Orange Pekoe grade, auctioned by Worldwide Tea Brokers followed it and topped the CTC Leaf fetching ₹301 a kg.

No other tea could cross ₹300/kg mark.

Amongst other CTC teas, Pinewood Estate acquired ₹215, Bellatti Estate and Hittakkal Estate ₹206 each and Vigneshwar Estate ₹204.

Amongst orthodox teas, Chamraj acquired ₹280 a kg, Kodanad ₹265, Glendale ₹ 245, Nonsuch Orthodox ₹215, Kil Kotagiri ₹214, Devashola ₹212, Havukal ₹205 and Kairbetta ₹204.

Prospective buyers reported that they were being experiencing a fund crunch with payments pending in the wake of trade restrictions in lots of States and nations around the world because of to various stages of lockdown and that’s why were being not able to invest in high-priced teas.