News dalla rete ITA

30 Luglio 2021

Kenya

KENYA - COFFEE PRICE RISES AS VOLUMES DROP ON WEATHER WOES

Coffee prices at the weekly auction jumped 6.9 percent in only the second sale after tradingresumed from recess last month, continuing a good performance streak that is promising farmersbetter earnings this year, a market report from the Nairobi Coffee Exchange (NCE) indicates thecommodity fetched Sh28,863 for a 50-kilogramme bag, up from Sh27,000 that was recorded inthe previous sale two weeks ago.The auction was not held last week as the NCE is grappling with a shortage of coffee, withfactories struggling to dry their beans due to wet and cold weather.The number of bags offered for sale this week dropped to 7,883 down from 8,144 in the previoustrading, NCE chief executive Daniel Mbithi said the auction has been forced to cut down thenumber of bags that it normally sets as the minimum threshold for trading to go on because ofthe prevailing shortage. Ideally, the auction requires a minimum of 10,000 bags per week.Currently, the price of coffee at the New York Exchange, which is used as a benchmark for allthe world prices, is at a high of over 156 US cents per pound from 144 in April when the auctionwas going for recess.The crop coming to the auction at the moment is being supplied from Eastern and parts ofwestern Kenya and it is supposed to run the auction all the way to November when the mainseason’s produce is expected to get to the market, the higher prices are however coming against abackdrop of a simmering dispute between the Ministry of Agriculture and the Capital MarketsAuthority (CMA) over who between them is supposed to regulate the exchange. (ICE ADDIS ABEBA)


Fonte notizia: Business Daily