The Hindu Business Line : Coonoor tea auctions postponed due to heavy rains

Coonoor, Nov. 12 Sale No: 46 of the auctions of Coonoor Tea Trade Association (CTTA) scheduled for today and tomorrow have been postponed to November 19 and 20.

“We have received communication from the CTTA that due to unprecedented rains in the last few days followed by road blocks, landslides and unavailability of workers at warehouses, the auctions have been postponed,” an auctioneer told Business Line.

Sale No: 47 originally scheduled for November 19 and 20 will be dropped. Accordingly, there will be no closing of catalogues for that sale this week.

This means, a volume of 14.59 lakh kg worth Rs 10.5 crore, listed for auction this week, will have to wait for auction for over a week. By the time producers realise the payment for this, it would be a fortnight.

As a week has already gone by since this volume was listed for auction, in all, it would be around a month before producers could realise payment for this.

In the past seven weeks, off-take had been subdued with the demand falling below the base price earmarked in the e-auction. With 30 per cent of the offer being withdrawn week after week, warehouses are flooded with teas.

Some warehouse keepers said that they cannot entertain fresh arrivals. The postponement of today’s auctions will cause further pressure on storage space.

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