Tea prices at the weekly Mombasa auction rose slightly this week amid reduced demand for the second week running.
At this week’s auction, a kilo averaged USD2.32(Sh280.49) up from USD2.27(Sh274.80) last week.
Despite the improved prices, for the 183,420 packages (12,181,172.00 kilos) on offer, 111,460 packages (7,398,495.00 Kilos) were sold with 39.23 per cent of packages remaining unsold.
The low demand saw the total volumes traded at the auction decrease by 553,505 kilos compared to the previous week.
According to the East African Tea Trade Association (EATTA) managing director Edward Mudibo, Pakistan Packers, Bazaar, Yemen, and other Middle Eastern countries lent strong support with Sudan, Kazakhstan, and other CIS states showing improved interest.
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Further, the UK maintained inquiry while Egyptian Packers were active but at lower levels with Afghanistan selective.
“Russia, Iran, and Local Packers maintained support. There was more interest from Somalia at the lower end of the market.”
SOURCE: Capital business
