Kenya’s agriculture commodities rose last week to reverse the trend of falling prices in the previous sales at the auction.
A kilo of the tea beverage sold at Sh217 from Sh215 in the previous week even as the volumes offered for sale at the Mombasa Auction went up.
The price of the beverage had begun the year on a high note, however, the prices began to fall from mid-January. Despite the good price at the tea auction, the quantity of the commodity withdrawn from the trading floor was higher than the previous sale.
According to East Africa Tea Traders Association (Eatta), 14 percent of the volume provided for sale at the auction last week was withdrawn, from 11 percent in the previous trading.
Eatta said however the quantities of tea provided for sale rose marginally by 163,000 kilos when compared with the previous trading.
“Out of 14 million kilograms available for sale, 12,080,098 Kilos were sold with 14.75 percent remaining unsold,” said Eatta.
The coffee prices also recorded an increase in the latest sale last week with a 50-kilo bag of the beverage trading at Sh34,430 from the previous week’s price of Sh33,990.
Although coffee prices have swayed since the start of 2021, they have held above the $300 level for a 50-kilo bag since the start of the current crop year in October 2020.
The coffee earnings increased by 94 percent at the end of January to Sh5.2 billion compared to January 2020. NCE chief executive officer Daniel Mbithi stated that the high demand for the Kenyan coffee and higher volumes of the produce at the auction led to improved earnings.