The price of coffee edged marginally in this week’s trading, as high demand for the produce continues to be witnessed at the auction.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilo bag of coffee on average fetched Sh21,400 up from Sh20,900 last week.
“We are seeing increased demand of the produce as we continue to get high quality beans from farmers,” said NCE.
NCE says the auction has received a major boost resulting from enough stocks of high quality beans coming in from central Kenya.
Improved quality and high demand has seen the local prices rally despite the value for the commodity having dipped at the New York exchange, which normally acts as a benchmark for Kenya’s produce.
The price of the commodity in New York Exchange has dropped from 140 cents per pound at the close of last year to 98 cents currently.
Kenya sells more than 95 percent of its coffee to the international market, which determines the value of the crop locally.