Quality beans and high demand from traders helped push up the value of the commodity.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilogramme bag of coffee fetched Sh20,703, up from Sh15,965 in the last sale held in May before the auction took a break.
New crop from eastern Kenya has helped to push up the price of the commodity at the weekly auction.
Coffee prices rebounded 30 per cent from the previous sale as the auction reopened Tuesday after one month recess.
Quality beans and high demand from traders helped push up the value of the commodity.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilogramme bag of coffee fetched Sh20,703, up from Sh15,965 in the last sale held in May before the auction took a break.
New crop from eastern Kenya has helped to push up the price of the commodity at the weekly auction.
NCE chief executive Daniel Mbithi said there has been high demand from traders who ran out of the stocks after the closure.
“There was high demand during the auction with traders wanting to stock up following the reopening of the trade on Tuesday,” he said.
The NCE said the good prices are expected to continue in the coming months on the account of fresh crop streaming in from the farmers.
The auction took a break on May 23 as the main crop from central Kenya came to a close, which saw a sharp decline in the quality of coffee on offer.
Coffee sale in Kenya is pegged on the price of the commodity at the New York Trade Exchange where more than 95 per cent of the Kenyan coffee is sold.
A task force formed by President Uhuru Kenyatta to come up with solutions to problems affecting the coffee farming proposed that the government opens a second window to allow for direct sales.
Currently, only 15 per cent of the Kenyan coffee is sold directly to overseas market while the rest has to go through the auction.
