[ad_1]
Market News
Coffee price down 9pc at the auction
Thursday, May 23, 2019 19:39
By GERALD ANDAE
The price of coffee fell by nine percent at this week’s trading, reversing the gains witnessed in the last two sales when the value of the commodity rebounded after months of losing.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilogramme bag of coffee fetched Sh9,400 down from Sh10,300 previously recorded. The volume offered for sale this week was slightly lower in quality compared with the previous trading, pushing down the price.
The trading, however, saw Kenya’s premium coffee grade AA value go up to Sh11,800 from Sh11,600 that a 50- kilo bag fetched previously.
The main crop from eastern Kenya is coming to an end resulting in low quality coffee at the auction.
Poor quality coupled with depressed international prices of the commodity in the world market has been pushing down the value of coffee at the auction in the last three months.
The low prices have seen earnings from the produce drop by Sh2.8 billion in April compared with corresponding period last year
[ad_2]
Source link
