COONOOR TEA AUCTIONS -- 2:

IMPROVEMENT IN EARNINGS 

By P S SUNDAR

Sale No: 20 of the auctions of Coonoor Tea Trade Association which concluded just a day before the International Tea Day (May 21) brought in some relief to the beleaguered producers and traders as there was an improvement in the overall earnings.

 

Considering that nearly 23 per cent of the offer had remained unsold in sale No: 19, it was a relief that nearly 82 per cent was sold in Sale No: 20.

 

However, this could be achieved only by sacrificing the asking price.  The average price dropped to ₹ 87.56 a kg from ₹ 89.01.  

 

The lower price helped the volume sold to rise to 16.45 lakh kg from 13.48 lakh kg.

 

As increased volume was sold which overtook the loss in price, the overall earnings rose to ₹ 14.40 crore from ₹ 11.99 crore, marking a gain of ₹ 2.40 crore or 20.10 per cent in just one week. 

 

This week, exporters’ purchase was better.   “Strong export enquiry was seen for Orthodox leaf and CTC dust and leaf.  With major blenders and upcountry buyers lending support to this, the overall demand showed marked improvement”, Ravichandran Broos, Vice President, Paramount Tea Marketing (SI) Pvt Ltd., said.

 

Homedale Estate teas continued to top the auctions.  Homedale Pekoe Dust grade, auctioned by Global Tea Auctioneers Pvt Ltd., (GTAPL), topped the entire auctions when Viaan Impex bought it for ₹ 355 a kg.   Crosshill Estate Special, auctioned by GTAPL, followed at ₹ 311.

 

In the Leaf tea auctions, two grades of Homedale Estate, auctioned by GTAPL, topped at ₹ 310 and 305 each.

 

Among other CTC teas, Darmona Estate got ₹ 243, Hiribel Excel ₹ 230, Pinewood Estate ₹ 221, Vigneshwar Estate ₹ 217, Shanthi Supreme ₹ 215, Hittakkal Estate ₹ 214 and Kannavarai Estate ₹ 203.

 

Among orthodox teas, Kodanad got ₹ 255, Kairbetta ₹ 247, Havukal ₹ 237, Glendale ₹ 213, Chamraj ₹ 204, Corsley ₹ 203 and Nonsuch Orthodox ₹ 203.

(Response can also be sent to: pssundar.coonoor@gmail.com)