@BusinessDaily

Tea starts year flat at the auction but higher than 2017 opening

9 months ago, 8 Jan 16:39

By: Gerald Andae

Tea prices at the first sale of the Mombasa auction in 2018 remained flat compared with the last trading of 2017. A kilogramme (kg) on average traded at Sh279 in last week’s sale, the same as sale 49 last year, which was the final auction of 2017. The price, which is still high compared to the most auctions of 2017, could have been helped by a sharp decline in volumes offered that dropped by 886,998kgs. Compared to the first sale of last year when a kilo fetched Sh267, the price is still higher. According to Tea Directorate, the volumes are expected to rise in the coming sales following the good weather that has seen an increase in green leaf delivery to the factories. “Out of 170,046 packages (10,900,000 kilos) available for sale, 156,892 packages (10,083,971 kilos) were sold with 7.74 per cent of packages remaining unsold,” says the report. The directorate also notes there is a likelihood of prices firming up in the coming sales resulting from a dry spell that started last December, which is expected to cut production and increase demand for the beverage. Tea volumes have generally been on the rise following favourable weather that has seen production rebound after a sharp decline in the first quarter of last year that saw production decline by almost half.
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Category: business lifestyle news corporate economy opinion markets

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@BusinessDaily

Tea starts year flat at the auction but higher than 2017 opening

9 months ago, 8 Jan 16:39

By: Gerald Andae
Tea prices at the first sale of the Mombasa auction in 2018 remained flat compared with the last trading of 2017. A kilogramme (kg) on average traded at Sh279 in last week’s sale, the same as sale 49 last year, which was the final auction of 2017. The price, which is still high compared to the most auctions of 2017, could have been helped by a sharp decline in volumes offered that dropped by 886,998kgs. Compared to the first sale of last year when a kilo fetched Sh267, the price is still higher. According to Tea Directorate, the volumes are expected to rise in the coming sales following the good weather that has seen an increase in green leaf delivery to the factories. “Out of 170,046 packages (10,900,000 kilos) available for sale, 156,892 packages (10,083,971 kilos) were sold with 7.74 per cent of packages remaining unsold,” says the report. The directorate also notes there is a likelihood of prices firming up in the coming sales resulting from a dry spell that started last December, which is expected to cut production and increase demand for the beverage. Tea volumes have generally been on the rise following favourable weather that has seen production rebound after a sharp decline in the first quarter of last year that saw production decline by almost half.
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