The value of Kenya’s coffee continued to dip on account of low international prices for the commodity despite high quality beans at the auction.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilo bag of coffee on average fetched Sh19,500 down from Sh22,927 last week.
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. Kenya’s main grade product recorded a marginal decline in value from the previous sale with top most grade AA selling at Sh30,000 from Sh30,500 for a 50 kilo bag.
“Prices at New York Exchange have been falling and this has had direct impact on the value of our coffee. We are lucky to be recording the prices that we are seeing, which have majorly been driven by value,” said Daniel Mbithi, Chief executive officer of the NCE.
Mr Mbithi said the auction is still getting high quality coffee from farmers from the central region following the onset of long crop season.