Business News
Kenyan tea prices slide as higher output seen
A worker on a tea farm. Photo/FILE
Posted Wednesday, March 10 2010 at 11:50
The average price of Kenya's Broken Pekoe Ones fell to $3.75 per kg this week from $3.94 at the previous auction, brokers said on Wednesday.
Africa Tea Brokers (ATB) said Best BP1s sold at between $3.52 and $3.98 per kg compared with $4.08 and $3.80 per kg at last week's auction.
BP1 average prices hit a record $5.45 kg in December.
"Best BP1s shed quite a bit of value as people are expecting higher output because of the rains. Quantities are expected to firm up," said a manager with a leading brokerage.
A total of 115,999 packages were offered for sale, with 22,446 left unsold.
Last week 112,080 packages were offered, with 10,300 packages going unsold.
Brighter Pekoe Fanning Ones (PF1s) fetched between $3.14-$3.62 per kg, compared with $3.58-$3.20 per kg last week.
ATB said Pakistan Packers were dominant while Sudan was forceful with Egyptian Packers, Yemen and other Middle Eastern countries active but at lower levels.
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