NAIROBI, April 19, 2011 - The top price of Kenya's benchmark grade AA coffee rose to $450 per 50-kg bag at this week's sales from $428 per bag one week ago as buyers mopped up stocks ahead of the long forced early break, the Nairobi Coffee Exchange (NCE) said on Tuesday.
Kenya's coffee marketing season traditionally breaks around the July-August window, but owing to supply shortage this year the NCE has suspended trading nearly three months earlier.
The coffee marketing season ended on April 18 and is expected to resume on June 7.
AA's bottom price increased to $328 per bag from $303 per bag, while its average price rose to $405.97 from $392.24 in the previous sale.
AA peaked at a record $1,022 per bag in early February as low volumes pushed prices up.
Kenya is a relatively small grower but its specialty beans are famous for their high quality and are much sought after for blending with those from other countries.
Grade AB fetched $421-$300 per bag from $424-$200 in the previous auction.
A total of 12,091 bags were offered for sale, with 9,961 sold at an average of $294.66 per bag, fetching $3.59 million.
In the previous auction, 12,359 bags were offered for sale, with 10,490 sold for an average of $300.16 a bag, yielding a total $3.87 million.
Source : Reuters
