Traders withdraw tea from Mombasa auction on dwindling demand

Traders at a tea auction at the Tea Trade Centre in Mombasa. FILE PHOTO | NMG

Traders continue to withdraw high volumes of tea from the auction as the price of the commodity continues to falter in the wake of low demand.

Tea Brokers East Africa Limited data shows that 29.7 percent of the teas that were offered for sale in the latest sale last week were taken out of the trading floor as the price of the beverage dipped to $2.24 (Sh260) down from $2.39 (Sh277) in the previous sale.

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Note: The results are not exact but very close to the actual.