Tea prices halt 7-week slide at auction

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Commodities

Tea prices halt 7-week slide at auction


tea

A woman plucks tea leaves at a farm. FILE PHOTO | NMG

geraldandae

Summary

  • Tea prices at the Mombasa auction rallied marginally in last week’s sale ending a streak of poor performances witnessed in the last seven sales.
  • Data from the East Africa Tea Traders Association (Eatta) indicates that the price increased to Sh196 last week from Sh193 previously.

Tea prices at the Mombasa auction rallied marginally in last week’s sale ending a streak of poor performances witnessed in the last seven sales.

Data from the East Africa Tea Traders Association (Eatta) indicates that the price increased to Sh196 last week from Sh193 previously.

However, an increase in cost did not curb the volumes of tea that were withdrawn by traders as the percentage went up to 18 percent from 15 percent in the previous sale.

The volumes offered for sale during the sale also declined for the first time in weeks, though marginally by 5,600 kilogrammes.

The price of the commodity had touched a two-dollar mark last month for the first time in 18 weeks before it started tumbling in the subsequent sales.

The lower prices have also been attributed to an increase in volumes in the world market. Kenya is a leading exporter of the commodity with over 95 percent of the total tea produced locally shipped outside the country.

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