The value of Kenya’s coffee jumped seven percent in this week’s trading, helped by high demand of specialty varieties.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilo bag on average fetched Sh20,900 up from Sh19,500 last week.
“Prices this week were boosted by high quality beans and increased demand for specialty coffee at the auction,” said Daniel Mbithi, Chief executive officer of the NCE.
Mr Mbithi said there was enough stocks of high quality beans from farmers following the onset of harvesting in central Kenya.
The local prices rallied despite low value for the commodity at the New York exchange, which normally informs the pricing 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.