The price of Kenyan coffee rose 30 percent this week as low volumes of the commodity continue to be witnessed at the auction amid high demand.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilo bag of coffee on average fetched Sh19,040 from Sh12,938 recorded in the previous sale. NCE said low volumes have been witnessed in recent sales resulting in higher prices.
“There has been increased demand at the auction against low supply and this has helped to push up the cost of the commodity,” said Daniel Mbithi, CEO of the exchange.
The increased value has also been boosted by high international prices at the world market, which continues to register impressive performance with the price so far rising to over 110 US cents per pound from a previous low of 95.