Coffee prices in Nairobi down 14.63% compared to December 2018
The price of a bag of coffee at the Nairobi Coffee Exchange has closed nearly 15%lower compared to the price recorded in December 2018.
According to the NCE, the average price of a 50-kilogram bag of coffee closed at 150.15 US dollars which is equivalent to fifteen thousand two hundred shillings.
The value of coffee traded at the exchange has subsequently plunged almost 41% from 2.3 billion shillings in December last year to 1.3 billion shillings this December.
Data from the Nairobi Coffee Exchange as of December 2019 indicates that the number of bags transferred in December dropped 31% to 71 thousand 8 hundred from a hundred and four bags sold in December last year.
This has been blamed on continued wet weather witnessed from early October that caused a delay in the drying of the parchment coffee before dry milling.
This is despite a recovery in the global prices that have seen coffee prices have soared by a whopping 40 percent this year to a three-year high of USD 140.80 at the intercontinental exchange.
The Nairobi Coffee Exchange is optimistic that these good prices will be reflected at the auction once it resumes trading on 14th January 2020 after the Christmas break.