By George Mwangi

 
 

NAIROBI, Kenya -- At least 566 metric tons of Arabica coffee beans will be on offer at next week's auction, the third auction this season, the Nairobi Coffee Exchange said Friday.

At the prior auction on Oct. 27, the second of the October 2020-September 2021 season, the average price across all grades was $243.83 for a 50-kilogram bag compared with $241.38 a bag at the previous auction, the auction house said in a market report summary.

At the previous auction, 535 metric tons of Arabica coffee beans were on offer, of which 514 tons were sold.

The weekly auction was rescheduled last month to biweekly due to low volumes at the end of the October 2019 to September 2020 season, according to Karen Mumbua, business administrator of the auction house.

Kenya's arabica auctions use the New York ICE futures index as their benchmark.

Almost all Kenyan arabica coffee is sold at the weekly Nairobi auction mainly for export, although direct sales are allowed.

 

Write to Barcelona Editors at barcelonaeditors@dowjones.com

 

(END) Dow Jones Newswires

November 06, 2020 13:45 ET (18:45 GMT)

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