The weekly coffee auction has recorded a 10% price increase during this week’s sale, occasioned by high international prices and quality supplies.
A market report by the Nairobi Coffee Exchange (NCE) indicates the commodity sold at KSh37,074 per 50-kg bag during this week’s coffee auction, up from KSh33,744 in the previous sale.
The higher value was attributed to good prices at the New York Stock Exchange which has now hit 210 cents per pound, up from a low of below 200 cents in the previous sales.
High international prices have been occasioned by a shortage of the crop in the world market as Brazil is one of the top world producers.
In H1 2021, Kenya’s earnings from coffee exports were KSh16.4 billion, an 18% increase from the KSh13.8 billion earned in H1 2020.
Meanwhile, The Capital Markets Authority (CMA) has issued two full licenses to coffee marketers to carry out coffee brokerage services at the Nairobi Coffee Exchange. The two are Kipkelion Brokerage Company and Murang’a County Coffee Dealers.
The authority has further extended provisional licenses to two other coffee brokers by a further six months to allow them to fully comply with the new coffee regulations. Mt. Elgon Coffee Marketing Agency Limited and United Eastern Kenya Coffee Marketing Company Limited now have until 30th April 2022 to fully comply.
See Also:
