Coffee price at Nairobi auction rises 11pc on high quality beans
Coffee prices at the weekly Nairobi auction rose 11 per cent to reverse the previous trend of poor prices.
The average price of a 50-kilo bag increased from Sh9,900 registered last week to Sh11,400 in the latest sale held on Tuesday at the Nairobi Coffee Exchange (NCE).
The value has been falling in the last couple of months after registering impressive results from January to February on account of high quality beans.
According to NCE, the quality of beans offered this week improved.
“There was a slight improvement on quality in this week’s trading, helping to lift the price of coffee,” said NCE.
Coffee has been coming from the main crop season in central Kenya, which has now come to an end, with quality expected to pick in July with arrival of short crop from eastern Kenya.
Kenya’s earnings from coffee dropped by Sh1.3 billion between October and March compared with the same period previous year, on account of low international prices and reduced volumes at the auction.
Coffee is majorly traded at the New York Coffee Exchange and any change in price affects the local sales.
The country seeks to raise the amount of coffee roasted locally from five to 10 per cent annually over the next five years even as production remains low.