AGL 37.72 Decreased By ▼ -0.22 (-0.58%)
AIRLINK 168.65 Increased By ▲ 13.43 (8.65%)
BOP 9.09 Increased By ▲ 0.02 (0.22%)
CNERGY 6.85 Increased By ▲ 0.13 (1.93%)
DCL 10.05 Increased By ▲ 0.52 (5.46%)
DFML 40.64 Increased By ▲ 0.33 (0.82%)
DGKC 93.24 Increased By ▲ 0.29 (0.31%)
FCCL 37.92 Decreased By ▼ -0.46 (-1.2%)
FFBL 78.72 Increased By ▲ 0.14 (0.18%)
FFL 13.46 Decreased By ▼ -0.14 (-1.03%)
HUBC 114.10 Increased By ▲ 3.91 (3.55%)
HUMNL 14.95 Increased By ▲ 0.06 (0.4%)
KEL 5.75 Increased By ▲ 0.02 (0.35%)
KOSM 8.23 Decreased By ▼ -0.24 (-2.83%)
MLCF 45.49 Decreased By ▼ -0.17 (-0.37%)
NBP 74.92 Decreased By ▼ -1.25 (-1.64%)
OGDC 192.93 Increased By ▲ 1.06 (0.55%)
PAEL 32.24 Increased By ▲ 1.76 (5.77%)
PIBTL 8.57 Increased By ▲ 0.41 (5.02%)
PPL 167.38 Increased By ▲ 0.82 (0.49%)
PRL 31.01 Increased By ▲ 1.57 (5.33%)
PTC 22.08 Increased By ▲ 2.01 (10.01%)
SEARL 100.83 Increased By ▲ 4.21 (4.36%)
TELE 8.45 Increased By ▲ 0.18 (2.18%)
TOMCL 34.84 Increased By ▲ 0.58 (1.69%)
TPLP 11.24 Increased By ▲ 1.02 (9.98%)
TREET 18.63 Increased By ▲ 0.97 (5.49%)
TRG 60.74 Decreased By ▼ -0.51 (-0.83%)
UNITY 31.98 Increased By ▲ 0.01 (0.03%)
WTL 1.61 Increased By ▲ 0.14 (9.52%)
BR100 11,289 Increased By 73.1 (0.65%)
BR30 34,140 Increased By 489.6 (1.45%)
KSE100 105,104 Increased By 545.3 (0.52%)
KSE30 32,554 Increased By 188.3 (0.58%)

The value of coffee sold at Kenya's auction climbed 37 percent to $174.1 million in the year to September, helped by higher global prices and better quality crops, the head of the Nairobi Coffee Exchange (NCE) said on Wednesday. The east African nation, whose high-quality beans are sought by roasters to blend with beans from other producers, exports much of its coffee through the exchange and the rest sold by growers to foreign buyers.
Uncertainty over the performance of the crop in leading producer Brazil following a prolonged drought has helped prop up global prices of the commodity, said Daniel Mbithi, the chief executive of the NCE. Brazil grows about 40 percent of the world's arabica bean, which is the backbone of most commercial coffee blends.
"We also had relatively good quality crop in the market and that helped strengthen prices," Mbithi said. Officials at the NCE said 671,438 60-kg bags were sold in the 2013/14 season that runs October to September compared to 625,185 the previous year. The average price at the exchange climbed to $212.70 per 50-kg bag from $166.70 the previous year.
East African coffee is normally packed in 60-kg bags, but the prices are quoted for quantities of 50 kg. Kenya had forecast in February that it expected coffee export earnings to dip this season, but the drought in Brazil later provided unexpected support for prices. Kenya earned about 18.5 billion shillings from exports of the commodity in 2012/13, including both auction and direct sales, down from 27.1 billion a year before.

Copyright Reuters, 2014

Comments

Comments are closed.