Commodities

Coffee prices edge up as sale resumes

coffee

Nairobi Coffee Exchange (NCE) chief executive Daniel Mbithi. FILE PHOTO | NMG

Coffee prices rose just over four per cent as the auction resumed on Tuesday after a two-week suspension, on account of high demand.

A market report from Nairobi Coffee Exchange (NCE) indicates a 50-kilogramme bag on average fetched Sh21,630 from Sh20,703 in the previous sale.

The auction was suspended this month just a week after reopening from a one-month break due to a shortage of the commodity to trade.

NCE chief executive Daniel Mbithi says there has been high demand from traders who run out of stocks during the closure.

“We have not been operational for a number of weeks and there has been high demand during the sale yesterday (Tuesday) with traders wanting more coffee to stock,” he said.

The new crop from eastern Kenya has helped to push up the price of the crop. The NCE says the good prices are expected to continue in the coming months.