Market News

Coffee auction starts year on high note

coffee2
geraldandae

Summary

  • Coffee prices at the auction opened the new year on a high note with a 50-kilogramme bag fetching Sh35,970 from Sh34,000 recorded in the last sale of 2020.
  • The prices have been rallying since November on account of quality crop coming in from central Kenya, high demand for the commodity and stable international prices that are now at over 120 US cents per pound from 100 for the same quantity last year.

Coffee prices at the auction opened the new year on a high note with a 50-kilogramme bag fetching Sh35,970 from Sh34,000 recorded in the last sale of 2020.

The prices have been rallying since November on account of quality crop coming in from central Kenya, high demand for the commodity and stable international prices that are now at over 120 US cents per pound from 100 for the same quantity last year.

“We are still receiving high quality crop at the moment that has helped to push up the price in the last couple of sales and this has also been boosted by good prices at the world market,” said Nairobi Coffee Exchange (NCE).

Since the auction resumed the 2020/2021 crop year in October, the beverage has been selling at over $300.

NCE expects the price to hold in the coming sales.

The series of good prices spell good times for farmers in the current financial year after their earnings dwindled in the previous season.