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Coffee price rises for the second week

21 August 2013, 08:28

Nairobi -  The top price of Kenya's benchmark AA coffee grade rose for the second straight week to $316 per 50-kg bag at this week's sale, from $295 per bag at last week, the Nairobi Coffee Exchange (NCE) said on Tuesday.

Kenya is a relatively small producer of the commodity but its speciality coffee is highly sought after by roasters who blend it with coffees from other nations.

NCE said 14,581 bags were offered for sale, with 7,015 finding buyers. Last week, 15,851 bags were offered and 8,356 bags were bought.

Coffee sold this week fetched a total of $1.45 million, with an average price of $168.95 per bag for all grades. Last week, the coffee sold was valued at $1.75 million with an average price of $171.37 per bag.

Kenya lowered its coffee production and export earnings projections for the 2012/13 (Oct-Sept) coffee year due to poor global prices and reduced crop acreage.

- Reuters

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