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Commodities

Coffee prices rebound at weekly Nairobi auction

Nairobi Coffee Exchange
Coffee beans for auction at the Nairobi Coffee Exchange. FILE PHOTO | NMG 

Coffee prices rose again at the weekly auction after shedding off six per cent in the previous sale due to the entry of more quality beans.

The average price of a 50-kilogramme bag fetched Sh23,800 on Tuesday up from Sh22,900 recorded in the previous sale, representing a four per cent growth.

The Coffee Directorate said there is an improvement in the quality of beans compared to last week. The good prices are expected to hold in the coming sales.

“We are currently witnessing high prices at the auction despite a slump in international prices; this is because we are getting high-quality coffee at the auction,” said the Coffee Directorate.

The international prices of coffee have been dropping since last December to settle at a 13-year low of about US cents 100 per pound from a high of 124.

More than 90 per cent of Kenya’s coffee is sold in New York, the world’s largest coffee auction.

The Coffee Directorate is conducting a campaign to promote local consumption of the beverage to boost domestic sales.

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