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Commodities

Coffee price up marginally at weekly auction

Nairobi Coffee Exchange
The Nairobi Coffee Exchange. FILE PHOTO | NMG 

The price of Kenyan coffee gained marginally this week on account of good beans and surge in price of the commodity at the New York Exchange (NCE).

The NCE indicates a 50-kilo bag on average fetched Sh21,624 up from Sh21,018 last week.

The decline in price last week was attributed to a mixed catalogue of both good and lower quality coffee, which pulled down the value.

The NCE said most of the high quality beans were offloaded in the market at the beginning of the year and that the volumes are now going down with much lower quality getting to the auction.

The price of the commodity in the world market has been going up in the last couple of sales, ending the volatility that had been witnessed since November last year.

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The price of the commodity in New York Exchange has gone up significantly from a low of 98 cents per pound last month to settle at a high of 120, giving hopes of a better price locally given that the value of Kenyan produce is pegged on international price.

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