Coffee Exchange resumes trade
29 January 2014, 11:35
Nairobi - Normalcy has returned to the Nairobi Coffee Exchange after a week-long closure that saw farmers forego payments.
The suspension was a result of wrangles between producers, millers and county governments who have since successfully negotiated for the reopening on the market.
“Farmers were not paid last week when the exchange was suspended and unfortunately this is the time when we are expecting a lot of coffee in the market,” said the Nairobi Coffee Exchange Chief Executive Officer, Daniel Mbithi.
He nonetheless added that the suspension was a big blow to the management of the exchange but the bourse was excited the standstill had ended.
The stalemate had pitted the Commercial Coffee Millers and Marketing Agents Association (CCMMAA) against the producers and county governments who preside over the main coffee growing locations in the country.
The coffee exchange is at the moment delivering what farmers term as good returns.
“The global market has gone down because the New York Board of Trade which has been low since last week but the prices here are quite steady,” added Mbithi.
The country’s coffee auction system dates back to 1934.
The auctions, which take place at the Nairobi Coffee Exchange, are widely considered to be most transparent distribution system for fine green coffees.
– CAJ News