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NAIROBI (Reuters) - Kenyan coffee prices fell again at Tuesday's sale, pushed down by a slide on the New York market, despite better quality beans on offer, traders said.
"As the NYC crumbled further downwards, so did auction prices. Generally quality was good but the prices all fell by around $20 on last week," a report by the Ransley Coffee Company said.
The average price per bag across all grades dropped to $132.88 from $147.82 last week. Only 2,093 of the 13,743 bags on offer found buyers, said the Nairobi Coffee Exchange (NCE).
"It is a difficult time in coffee at the moment as we do not know how much further down the NYC may go, and if it does, prices will trend downwards again despite the better quality being offered," the Ransley Coffee Company report said.
The Kenya Coffee Producers' and Traders' Association (KCPTA) blamed the slump in prices on the global financial crisis.
"KCPTA would wish to plead with farmers not to panic as we wait to see what effect the $700-billion bail-out that was passed last Friday is going to have," it said in a statement.
"Be assured that marketing agents are monitoring the international markets to ensure that farmers get the highest prices possible."
