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 sold at $3.50-$3.01 per kg, down from $3.66-$3.05 last week. Best Pekoe Fanning Ones fetched $3.50-$3.22 per kg up from $3.40-$3.17 per kg attained a week earlier.
Comments
Comments are closed for this article.