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Tea Prices Rise Slightly as Volumes Traded increase

by Radarr Africa
written by Radarr Africa

Tea prices at the weekly Mombasa auction rose slightly this week amid an increase in the volumes traded.

At this week’s auction, a kilo averaged USD2.37(Sh287.24) up from USD2.33(Sh282.40) last week.

The improved prices saw the total volumes traded at the auction increase by 119,633 kilos compared to the previous week.

“There was a good general demand for the 184,020 packages (12,350,806 kilos) on offer. 129,380 packages (8,640,857 Kilos) were sold with 29.69 per cent of packages remaining unsold,” said East African Tea Trade Association (EATTA) managing director Edward Mudibo.

In the week, there was improved activity from Pakistan Packers and Afghanistan while Yemen and other Middle Eastern countries lent strong support.

ALSO READ: Kenya plans To Import 6-Million bags of Fertilizer Ahead Of Long Rainy Seasons

Kazakhstan and other CIS states were active but selective on quality with more interest from Russia and Egyptian Packers while Bazaar maintained enquiry.

“Sudan and UK were active but selective while Iran reduced interest. Local Packers were mostly outbid. Somalia were less active at the lower end of the market,” said Mudibo.

SOURCE: Capital business

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AgricultureBusinessEastern AfricaEconomy

KTDA Tea Prices Rise Slightly As Volumes increases

by Radarr Africa
written by Radarr Africa

Tea farmers selling their produce to KTDA-managed factories recorded improved earnings in the July to mid-October period as volumes sold increased.

Average prices for teas from KTDA-managed factories increased to USD2.65(Sh320.65) in the period compared to USD2.55(Sh308.55) for a similar period last year.

Auction data shows that the factories have also sold more volumes this year with the amount of shipped teas being 41 per cent higher than last year.

The positive market data comes amidst a 13 per cent drop in farm production as sustained low precipitation affects farmers’ output.

Greenleaf deliveries by farmers to 71 KTDA-managed factories dropped to 197 million kilos in the July-September period compared to 225.8 million kilos last year.

“Prices at the auction have been fairly steady with a positive outlook expected for the coming weeks despite the market challenges faced with the Russia-Ukraine war and the flooding disaster that recently hit Pakistan,” KTDA Group CEO Wilson Muthaura said.

ALSO READ: Kenya Ranked Eighth In The 2022 Absa Africa Financial Markets Index

Prices for KTDA-managed factories continue to outperform the aggregate Mombasa auction based on excellent quality and reforms instituted by the Agency including the introduction of a USD2.43(Sh294.03) reserve price for each kilo of made tea.

Factories are expected to curb their production costs and consistently produce high quality tea that fetches good prices in the market.

Muthaura added that the Agency has procured 84,550 metric tonnes of the NPK 26:5:5 chemically compounded fertilizer for distribution to farmers ahead of the short rains to boost farm output.

KTDA also continues to intensify its efforts in curbing costs by improving operational efficiencies through a number of initiatives.

These include investment in small hydropower stations for cheaper power supply, diversification to orthodox teas to reduce reliance on Black CTC teas, and training of farmers on income diversification and management.

A total of 11 factories are now producing orthodox teas. These are: Itumbe, Kimunye, Michimikuru, Kangaita, Imenti, Kiru, Thumaita, Gitugi, Kagwe, Matunwa and Chinga.

There are plans to increase the number of factories producing orthodox teas to meet the market demand for the product.

SOURCE: Capital business

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AgricultureBusinessEastern AfricaEconomy

Tea Prices Rise Slightly as Volumes Traded Increase

by Radarr Africa
written by Radarr Africa

 Tea prices at the weekly Mombasa auction rose slightly this week amid an increase in the volumes traded.

At this week’s auction, a kilo averaged USD2.25(Sh271.35) up from USD2.24(Sh270.14) last week.

The improved prices saw the total volumes traded at the auction increase by 271,269 kilos compared to the previous week.

“Good demand prevailed with prices irregularly closely following quality for the 185,248 packages (12,244,672.00 kilos) on offer, 123,280 packages (8,088,644.00 Kilos) were sold,” said East African Tea Trade Association (EATTA) managing director Edward Mudibo.

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Despite the improved demand, 33.52 per cent of packages remained unsold similar to last week’s session. In the week, Pakistan Packers, Yemen and other Middle Eastern countries lent strong support with more but selective interest from Afghanistan, Kazakhstan and other CIS states.

Egyptian Packers maintained inquiry but at lower levels while UK, Sudan and Bazaar showed selective interest.

“Russia and Iran were quiet while Local Packers showed some activity. Somalia operated at steady rates at the lower end of the market,” said Mudibo.

SOURCE: Capital business

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AgricultureBusinessEconomy

Tea Prices Drop Slightly As Demand decreased for the commodity

by Radarr Africa
written by Radarr Africa

Tea prices at the weekly Mombasa auction dipped slightly this week amid decreased demand for the commodity.

At this week’s auction, a kilo averaged USD2.24(Sh269.92) down from USD2.28(Sh274.74) last week.

During the auction, the total volume traded was 69,086 kilos less than last week, the East African Tea Trade Association (EATTA)notes, signaling reduced demand for the commodity.

“There was good general demand at irregular levels for the 185,440 packages (12,188,298.00 kilos) available for sale. 123,280 packages (8,088,644.00 Kilos) were sold with 33.52 per cent of packages remaining unsold,” said EATTA managing director Edward Mudibo.

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In the trading session, there was more and strong support from Egyptian Packers, Yemen and other Middle Eastern countries while Pakistan Packers were active but at lower levels.

“Bazaar showed reduced enquiry while UK and Afghanistan maintained interest with Sudan, Kazakhstan and other CIS states more selective,” said Mudibo.

Russia, Iran, and Local Packers were less active. Somalia maintained activity at the lower end of the market.

SOURCE: Capital business

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AgricultureBusinessEconomy

Tea Prices Remain unchanged As Volumes Traded Remain Steady

by Radarr Africa
written by Radarr Africa

Tea prices at the weekly Mombasa auction increased slightly last week even as volumes traded remained steady.

At the auction, a kilo averaged USD2.21(Sh263.99) up from USD2.20(Sh262.79) in the previous auction.

The East African Tea Trade Association(EATTA) noted there was improved demand in some categories which also showed dearer tendencies while others were irregular following quality for the 189,737 packages (12,357,819.00 kilos) available for sale.

Traders sold 125,040 packages (8,218,263 Kilos) during the week with 34.10 per cent of packages remaining unsold. At the auction, the total volume traded was 32,143 kilos less than the previous one.

There was more and useful interest from Pakistan Packers, Bazaar, Yemen, and other Middle Eastern countries while Egyptian Packers lent good support but at lower levels.

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EATTA notes UK and Sudan maintained activity with improved enquiry from Afghanistan while Kazakhstan and other CIS states reduced participation. “Local packers maintained activity with Russia and Iran quiet. Somalia were active at the lower end of the market,” it said.

SOURCE: Capital business

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AgricultureBusinessEconomy

Tea Prices Rise Slightly As Volumes Traded Increase

by Radarr Africa
written by Radarr Africa

Tea prices at the weekly Mombasa auction rose slightly this week amid an increase in the volumes traded. At this week’s auction, a kilo averaged USD2.22(Sh263.85) up from USD2.21(Sh262.66) last week.

The total volume traded this week was 150,380 kilos more than last week, the East African Tea Trade Association (EATTA)notes. “There was a general demand at irregular levels for the 180,695 packages (11,877,084.00 kilos) available for sale with 132,937 packages (8,761,661 Kilos) being sold.

In the past three weeks, the tea prices have been declining which saw huge volumes of teas withdrawn from the auctions to be introduced in future sales.

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The increase in price saw the percentage of unsold packages drop to 26.43 per cent from 30 per cent in last week’s auction.

“Egyptian Packers, Yemen, other Middle Eastern countries and Sudan maintained useful support with improved interest from Kazakhstan, other CIS states and UK while Pakistan Packers, Bazaar and Afghanistan showed reduced activity,” said EATTA managing director Edward Mudibo.

Russia were less active with Iran absent while local packers maintained interest with Somalia active at the lower end of the market, he noted.

SOURCE: Capital business

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BusinessEastern AfricaKenyaWestern Africa

Tea Prices Fall Short of Sell Reserve Price at Mombasa Auction

by Radarr Africa
written by Radarr Africa

Tea prices at the Mombasa auction below the set minimum price as demand remains subdued at the weekly trading with the onset of summer in key export markets.

The price of the beverage in last week’s trading increased marginally to $2.29 (Sh268) from $2.23 (Sh261) in the previous sale, well below the government set reserve cost of $2.43 a kilo.

The minimum price which only applies to tea from Kenya Tea Development Agency (KTDA) has seen traders opt for cheaper options from other regional countries, giving a wide berth to expensive Kenyan beverages.

KTDA accounts for more than 70 per cent of the beverage traded at the auction.

Consequently, demand for the beverage in the world market has declined due to the onset of summer in major buying countries, reducing the consumption of the beverage forcing traders to go for cheaper commodities.

“The demand is now shifting towards cheaper beverages that is why non-Kenyan teas and plantations are now selling well compared with KTDA teas,” Peter Kimanga, a director with Global Teas.

The value of the commodity has sold below the minimum price for the last 14 weeks, which is expected to negatively impact farmers’ earnings at the end of this financial year.

Export earnings from the beverage in the 12-months to April 2022 rose to $1.22 billion (Sh142.4 billion) from $1.2 billion (Sh140 billion) in the corresponding period in 2021, Central Bank of Kenya data shows, helped by higher volumes and weaker shilling.

Source: The Kenyan wall street

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