Kenyan coffee prices rose 23 percent at the penultimate sale of the season yesterday as buyers boosted their stocks, the Nairobi Coffee Exchange said.
The average price for all the coffee sold increased to $300.16 for a 50-kilogram (110-pound) bag, from $244.40 a week earlier, the exchange said in an e-mailed statement today.
“Prices rallied because people were covering their short positions since we only have one more auction left,” Mansukh Shah, a trader with Alanwood Ltd., said by phone today from the capital, Nairobi. “Quality was low but prices rose because of the high demand.”
Kenya is trying to help small-scale farmers revive output, which dropped from more than 100,000 metric tons in 1988-89 because of a slump in global prices and farm mismanagement. The East African nation may produce about 40,000 tons this season, James Wahome, quality manager at the Coffee Board of Kenya, said on Jan. 17.
The benchmark arabica AA declined 1.2 percent to an average of $392.24 a bag, while supplies of the grade dropped 26 percent, it said. Total sales climbed 14 percent to 10,490 bags worth $3.87 million, from 9,245 bags valued at $2.76 million at the previous sale, the exchange said.
The following are details of yesterday’s auction in U.S. dollars for a 50-kilogram bag:
Grade Low High Average
AA 303 428 392.24
AB 200 424 384.81
C 126 389 318.76
E 312 352 324.89
HE 268 307 297.35
MH 140 217 193.72
ML 63 135 93.93
PB 304 422 397.54
SB 68 72 70.42
T 61 312 199.90
TT 261 414 370.41
UG 83 390 217.81
UG1 211 349 314.51
UG2 140 140 140.00
UG3 81 81 81.00
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