Nairobi Coffee Exchange (NCE) has started real-time streaming of prices at the auction in a move that will allow stakeholders to follow trading without going to the trading floor.
Traders and farmers who are not present at the auction will access the trading by logging to NCE’s website to get the live feed.
The Nairobi Coffee Exchange (NCE) has started real-time streaming of prices at the auction in a move that will allow stakeholders to follow trading without going to the trading floor.
NCE, which runs the auction at Nairobi’s Wakulima House, says the move will provide transparency in the way bids are communicated.
NCE chief executive officer Daniel Mbithi says this will enable key stakeholders to monitor the prices of coffee as well as the auction schedule, helping them plan appropriately for trades.
Manipulation claims
“We have now shifted to a digital platform that will enable farmers to follow the trading at the auction in real-time,” said Mr Mbithi.
He added that the move will increase transparency at the auction, taming any potential cases of price manipulation. Traders and farmers who are not present at the auction will access the trading by logging to NCE’s website to get the live feed.
The development comes hardly a year after the tea auction, which is managed by the East African Tea Traders Association, started live streaming of prices at the weekly auction in August last year.
The tea auction had come under sharp criticism last year following media reports, quoting a Tea Board of Kenya industry status report that accused various players of manipulating the price of high-grade tea, to quote it at the same value as lower grade tea during auction.
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