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Commodities

Coffee prices fall 8pc on coronavirus pandemic

Coffee Exchange
The Nairobi Coffee Exchange. FILE PHOTO | NMG 

The price of the Kenyan coffee fell eight percent this week on effects of coronavirus that have seen the value of major commodities dip in the world market.

Nairobi Coffee Exchange indicated a 50-kilo bag of the produce on average fetched Sh19,998 down from Sh21,836 in the previous trading.

NCE attributed the decline to coronavirus that has almost brought the world to standstill following the growing cases of the diseases globally.

“Weakness of coffee prices is due to the global spread of the coronavirus that is curbing demand for commodities, which include coffee,” said NCE

The value of Kenyan coffee had gained marginally in last week’s sale on account of good beans and surge in price at the New York Exchange.

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However, the trend was reversed this week with New York registering a decline of 103 cents per pound from 105 last week.

The price of the commodity in New York had gone up significantly from a low of 98 cents per pound in January to settle at a high of 120 in March, giving hope of a better price locally given the value of Kenyan produce is pegged on international price.

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