Kenya’s coffee prices climbed 13 percent at an auction today as they tracked gains in New York, the Nairobi Coffee Exchange said.
The average price for all the coffee sold rose to $169.97 for a 50-kilogram (110-pound) bag, from $150.06 a week earlier, the exchange said today by e-mail from the Kenyan capital.
The benchmark AA grade rose 11 percent to an average of $307.44 a bag and sold for as much as $325 a bag from $293 last week, it said. Supplies of the grade climbed 8.3 percent to 989 bags, said the exchange, which is the trading platform of Kenya’s Coffee Producers and Traders Association.
Arabica coffee for September delivery gained 2.6 percent to $1.791 a pound by 11:18 a.m. on ICE Futures U.S. in New York, after touching $1.81, the highest price for a most active contract since May 21.
“The market was driven by gains at the New York exchange,” Kizito Keya, a coffee trader at Mumba Coffee Ltd., said by phone from Nairobi. “We had both good and poor quality beans.”
Sales at the auction climbed 16 percent to 9,603 bags valued at $1.98 million from 8,301 bags worth $1.52 million last week, the exchange said.
Supplies at the auction rose 7.1 percent to 19,389 bags from 18,107 bags last week, the exchange said.
Source: bloomberg.com/news/2012-07-03/kenyan-coffee-prices-climb-for-a-second-week-in-narobi.html
