Coonoor Tea Trade auction cancelled

This week's auction of the Coonoor Tea Trade Association (CTTA) has been cancelled as most of the traders have opted to stayout of trading activities owing to the festive season.

CTTA has announced that the next sale would take place on October 26 after Diwali and Ramzan. The next sale has been numbered Sale No 43 to show that sale no 42 has been cancelled, not postponed to next week.

A huge volume has been catalogued for the next sale. The catalogue shows a volume of 12.2 lakh kg for sale no 43. This is the second largest volume in 2006, the highest being 12.6 lakh kg offered on May 25.

On the price front, it is expected that during the next sale, the prices will show an upward trend after the festive season.

For three consecutive weeks in a row, the tea prices were sliding down owing to lesser demand from corporate buyers and exporters.