Coonoor tea auction earnings rise 87% in two months by admin- Friday, March 19th, 2021 07:50:36 AM
In just two months – the opening months of 2021 – the earnings at the auctions of Coonoor Tea Trade Association (CTTA) have increased by a whopping ₹ 56.87 crore or 86.51 per cent over January and February 2020.
This went on due to 12.70 lakh kg more tea being sold whilst the typical price rose by ₹50.32 per kg, reveals an analysis of the market reports.
As North Indian plantations are closed for winter, upcountry buyers and exporters were required to source their teas from the South and that they discovered that the standard of the winter teas within the Nilgiris has improved. “So, we paid a better price to acquire the teas at CTTA auctions”, a buyer told BusinessLine.
The average price rose to ₹133.13 a kg from ₹82.81 in January and February of 2020.
Nevertheless, the demand was strong and therefore the volume sold rose to 9.20 million kg (mkg) from 7.93 mkg kg in January and February 2020.
As more volume was sold at higher price, the general earnings rose to ₹122.48 crore from ₹65.67 crore, marking a rise of ₹56.87 crore or 86.51 per cent.