Kenya’s top coffee rose for the first time in three weeks after supplies of the grade declined, the Nairobi Coffee Exchange said.
Benchmark AA gained as much as 17 percent to $312 per 50- kilogram (110-pound) bag from $267 a week ago, the exchange said today in an e-mailed statement from Nairobi, the capital. Supplies of the grade fell 32 percent to 812 bags, and the average price climbed 7 percent to $281.27 a bag,
“The supply for AA was low and yet there were some orders for it,” Mansukh Shah, a coffee trader at Nairobi-based Alanwood Ltd., said by phone. “On the whole the quality of the coffee was mixed with little changes in prices of other grades.”
Sales at the auction climbed to 8,148 bags valued at $1.6 million from 5,717 bags worth $1.1 million last week, according to the exchange. Supplies at the auction fell 6 percent to 20,714 bags. The average price for all the coffee sold rose 2 percent to $160.16.
Source: bloomberg.com/news/2012-09-04/kenya-s-top-coffee-climbs-first-time-in-three-weeks-on-supplies.html
