Coonoor Tea Price Witnesses 52-Week Low

Coonoor: Prices declined to new lows at the Coonoor Tea Trade Association (CTTA) auctions on July 27, with the demand remaining inadequate to absorb the volume at high bids. Prices, which had declined to Rs 34 a kg in the last three weeks, fell to the lowest level of 2007 at Rs 32 this week. Some teas were sold for Rs 32.50 and others at Rs 33, thereby collecting a substantial volume of plain teas in the 'less than Rs 34' bracket. In the case of others also, most invoices could be sold only when the prices declined Rs 2 to 3 a kg. Upcountry demand was not spread evenly to all invoices. Among the corporate purchasers, Hindustan Unilever Ltd (HUL) bought good medium varieties.