The price of Kenyan coffee remained the same this week as the market defied the effects of coronavirus that has hit commodities worldwide.
Nairobi Coffee Exchange (NCE) indicated a 50-kilo bag on average fetched Sh19,998.
NCE said the price was impressive given the beans offered for sale this week was of lower quality.
“A bag of coffee sold at the same price as last week but we consider this to be good basing on the quality of beans that we are getting at the moment. Lower quality coffee means lower price but that was not the case,” said Daniel Mbithi, chief executive NCE.
Last week, NCE said the weakness in prices was due to the global spread of the virus that curbed demand for commodities.
The New York Exchange, where Kenya trades more than 90 percent of the coffee, has witnessed a decline in prices in the last couple of weeks.
However, the trend was reversed this week with New York registering a marginal increase of 10 cents per pound to settle at US cents 113.
Coffee earnings dropped by Sh2 billion at the end of similar time last year following a slump in volumes and depressed prices at the auction in the review period.