Coonoor :

Two significant records were created by the Coonoor Tea Trade Association in 2013, the turnover crossed Rs 500-crore mark and the average price topped Rs 100 a kg, reveals an analysis of market reports.

The average price was above Rs 80-a-kg mark for the second consecutive year. The volume sold continued to remain above 5-crore-kg level for the third consecutive year.

In all, 51 auctions were held last year with 5.95 crore kg being sold against 5.53 crore kg in 2012. A higher volume was sold despite average price rising to Rs 89.32 a kg from Rs 82.28 in 2012.

Consequently, the turnover rose to Rs 531.45 crore from Rs 455.01 crore. This increase of Rs 76.44 crore marked 16.80 per cent growth.

The increased turnover lay spread among factory owners, growers, traders, workers, auctioneers and warehouse keepers.

For the first time at the auctions, the average price crossed Rs 100/kg to touch Rs 104.11 on March 8. It remained above Rs 100 till April 26 peaking to a high of Rs 110.70 on March 21.

However, oversupply in global market reduced exports. Availability of low-priced tea in north Indian auctions reduced upcountry demand. Collectively, in the last quarter, CTTA auction average price crashed to Rs 72 – the least in the last two years. Otherwise, the year’s average price would have been much higher.

source: http://www.thehindubusinessline.com / Business Line / Home / by The Hindu Corrrespondent / Coonoor – January 07th, 2014