Kenyan Coffee Prices Climb for a Second Week in Narobi
Kenya’s coffee prices climbed 13 percent at an auction today as they tracked gains in New York, the Nairobi Coffee Exchange said.
The average price for all the coffee sold rose to $169.97 for a 50-kilogram (110-pound) bag, from $150.06 a week earlier, the exchange said today by e-mail from the Kenyan capital.
The benchmark AA grade rose 11 percent to an average of $307.44 a bag and sold for as much as $325 a bag from $293 last week, it said. Supplies of the grade climbed 8.3 percent to 989 bags, said the exchange, which is the trading platform of Kenya’s Coffee Producers and Traders Association.
Arabica coffee for September delivery gained 2.6 percent to $1.791 a pound by 11:18 a.m. on ICE Futures U.S. in New York, after touching $1.81, the highest price for a most active contract since May 21.
“The market was driven by gains at the New York exchange,” Kizito Keya, a coffee trader at Mumba Coffee Ltd., said by phone from Nairobi. “We had both good and poor quality beans.”
Sales at the auction climbed 16 percent to 9,603 bags valued at $1.98 million from 8,301 bags worth $1.52 million last week, the exchange said.
Supplies at the auction rose 7.1 percent to 19,389 bags from 18,107 bags last week, the exchange said.
The following are details of today’s auction in U.S. dollars per 50-kilogram bag:
Grade Low High Average AA 273 325 307.44 AB 178 230 206.70 C 102 211 177.96 HE 150 162 154.99 MH 101 138 128.72 PB 165 233 202.47 SB 70 77 74.46 T 165 180 174.53 TT 152 228 179.03 UG 177 177 177.00 UG1 95 180 152.40 UG2 80 175 140.45
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