TEA prices fell sharply in Kenya this week as ripples from heavy withdrawals seriously hit Monday’s weekly tea auction in Mombasa, leading broking house, Africa Tea Brokers (ATB), said in a market report released here Tuesday.
Traders withdrew lots in the middle of the auction, as the trading floor resounded to lower than expected prices, ATB added.
“It was very poor. The withdrawals seriously hit the market, but still there was fair demand for the remaining lots,” broker Frank Kiamburi told AFP.
According to ATB, Egypt, Russia and Eastern Europe — all commonplace buyers — operated at lower levels.
“But the United Kingdom was very active although very selective,” ATB said.
Categories most affected by the withdrawals were lower mediums of PF1s that shed up to 16 US cents to sell between $1,35 and $1,43 per kilogram and Brighter Dusts, heavily discounted by up to %0,27 with trading settling at between $1,97 and $2,01 per kilo.
Medium BP1s declined by up to 11 US cents to sell at between $1,55 and $1,79 per kilogram, while plainer Dusts only sold at between $1,00 and $1,45 the ATB report said.
Brighter PF1s met good competition and were slightly firm to easier by only five cents, the report said. – AFP