Tea Prices at the Mombasa auction continued on a losing streak last week, defying the current political uncertainty that stakeholders had anticipated would push up the value of the beverage due to panic buying.
Market data from the auction indicates the average price dropped marginally to Sh303 from Sh301 a kilo in the previous sale, touching a seven-week low.
High demand at the auction, created by cautious buying from buyers over the uncertainty of the outcome of this week’s election, had helped to push the price to a nine-month high of Sh310 per kilo last month.
East African Tea Traders Association says the price is still good compared with the same period last year when the same quantity traded at Sh220.
About 137,560 packages (8,930,000 kilos) of tea were available for sale Tuesday, where 121,100 packages (7,883,705 kilos) were sold. 12.9 per cent of the packages remained unsold.
Kenya is a leading exporter of black CTC tea which accounted for 95 per cent of all tea sold to the world market.