Kenya top tea grade price edges down at latest sale

The average price of Kenyan top grade tea inched down for the first time in seven weeks to $4.06 per kg at auction this week from $4.07 per kg last week, market participants said on Wednesday.

The east African nation is the world's biggest exporter of black tea and the crop is one of its largest foreign exchange earners, raking in $1.27 billion in 2011.

The Mombasa-based Africa Tea Brokers (ATB) said in a market report that Best Broken Pekoe Ones TEABP1-BEST-KE sold at $3.92-$4.20 per kg from $3.88-$4.25 last week.

Best Pekoe Fanning Ones TEAPF1-BEST-KE fetched $3.74-$4.00 per kg from $3.67-$3.96 per kg at the previous sale.

It said 102,796 packages were offered for sale, with 17.1 per cent going unsold. Last week, 98,514 packages were offered with 13 per cent left unsold.

The report said Pakistan, Afghanistan, Kazakhstan, Russia and Sudan showed strong demand, as did Egyptian Packers.

Yemeni Packers, Middle Eastern countries and UK Were also active at the auction, ATB said.

Reuters