Prices for Kenyan coffee advanced nearly 3 percent at an auction earlier this week, according to the Nairobi Coffee Exchange.
Bloomberg reports the 2.9 percent gain at Tuesday's auction is comparable to figures from the week prior and comes as a consequence of reductions in supplies. A 110-pound bag of coffee beans sold for $331.01 on Tuesday, as compared to selling for $321.57 one week prior. But the benchmark grade AA bean advanced 1.9 percent to an average price of $500.09 per bag.
"There is a tightness in supply with reports that there is little coffee in the market," coffee trader Mansukh Shah at the Nairobi-based Alanwood told Bloomberg. "Global prices have improved."
At 9:34 a.m. on Thursday, coffee futures rose 1.08 percent, a .0295 cent lift to $2.767 per pound.
CNN reports coffee prices are on their way down after having progressively risen in value since late last year. During the past six months, coffee futures have fallen 1.7 percent in value despite having mildly gained in value this week.
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