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Market News

Coffee auction closes on a high note

Daniel Mbithi
Nairobi Coffee Exchange Chief Executive Daniel Mbithi. FILE PHOTO | NMG 

Kenyan coffee edged up 13 percent in the last sale of the year helped by low volumes at the auction.

Nairobi Coffee Exchange (NCE) indicated a 50-kilo bag of coffee on average fetched Sh21,513 up from Sh19,004 in the previous sale.

The NCE held its last sale this week instead of next week due to the low volumes at the auction, now held every fortnight to accumulate enough quantities.

The exchange said buyers have been jostling for available coffee because of the low volume, leading to higher prices.

“There has been increased demand at the auction against low supply and this has helped to push up the value of the commodity especially now that this marks our last sale of the year,” said NCE CEO Daniel Mbithi.

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He said the price of the commodity has also been boosted by the recovery at New York Exchange, which has so far rebounded from a low of US95 cents a pound last week to US111 cents in the latest sale.

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