Kenya top grade tea prices fall at latest auction
Michael Chen
Senior Web Developer
The average price for top Kenyan tea fell to $3.26 at auction this week, down from $3.36 previously, after holding steady for three weeks, brokers said on Wednesday.
Kenya is a leading exporter of black tea, which is the top foreign exchange earner in east Africa's largest economy.
The commodity has been hit this year by frost and drought in major tea growing areas, as well as a stronger shilling after the central bank raised its key rate to stem high inflation and exchange rate volatility.
Mombasa-based Africa Tea Brokers (ATB) said in its weekly report there was good but irregular demand for the 100,726 packages (6.48 million kgs) on offer, compared with 115,881 packages (7.42 million kg) a week ago.
ATB said Best BP1s TEABP1-BEST-KE sold at $3.50-$3.01 per kg, down from $3.66-$3.05 last week. Best Pekoe Fanning Ones TEAPF1-BEST-KE fetched $3.50-$3.22 per kg up from $3.40-$3.17 per kg attained a week earlier.
High demand at the auction came from Egyptian Packers, Afghanistan and Sudan, as well as more activity from Yemen and other Middle Eastern countries.
There was less activity from Pakistan Packers and Kazakhstan (CIS) and Russia, ATB said in the report. (Reporting by Beatrice Gachenge; Editing by James Macharia and Alison Birrane)
Source: reuters.com/article/2012/03/28/kenya-tea-idUSL6E8ES17120120328
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