Kenya’s coffee registered the first price drop since the auction resumed in January, shedding off six per cent in this week’s trading.
The average price of a 50 kilogramme bag fell to Sh22,900 from Sh24,442 during the previous sale.
The Nairobi Coffee Exchange (NCE) last week said the good prices were expected to hold in the next two months as the main crop from central Kenya continues to get into the market.
“We anticipate that the current prices will maintain for the next two months if the quality coming in is consistent,” the NCE had said.
The value of the Kenyan beverage is now responding to the falling internationally prices, which have been coming down since December last year to settle at a 13-year low of about US cents 100 a pound from a high of 124. More than 90 per cent of the Kenya’s coffee is sold in New York, the world’s largest coffee auction.
The price of coffee had dipped in November and early December.