Tanzania's coffee prices fell at auction this week, taking their cue from markets in London and New York, as supplies of the commodity rose at the peak of the season, the Tanzania Coffee Board (TCB) said on Friday. State-run regulator TCB said 29,878 of the 60-kg bags were offered at the latest sale, of which 25,335 bags were purchased. At the previous sale 21,999 bags had been offered and 21,303 bags sold.
"Coffee prices fell at auction this week compared to last week because prices at the terminal market were also a bit low," Primus Kimaryo, director of quality and promotion at the coffee board, told Reuters. "We are now at the peak of the season ... the coffee quality is good and demand has been somewhat static."
Tanzania, Africa's fourth-largest coffee producer after Ethiopia, Uganda and Ivory Coast, produces mainly arabica and some robusta coffee. Prices of its arabica normally track the New York market while those of robusta take their cue from London. "Overall average prices at the Moshi exchange were down by $2.77 per 50 kg for mild arabica and robusta was down by $4.31 per 50 kg compared to the last auction," TCB said in its weekly report. "Average prices were above the terminal market by $0.83 per 50 kg and $24.29 per 50 kg for mild arabica and robusta respectively," it added.
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