(Updates with benchmark price in third paragraph.)
Aug. 30 (Bloomberg) -- Kenyan coffee prices climbed 6.6 percent at an auction today as supplies of the beans declined and global prices rallied, the Nairobi Coffee Exchange said.
The average price for all the coffee sold rose to $352.90 for a 50-kilogram (110-pound) bag from $331.01 a week earlier, the exchange said in an e-mailed statement today.
The benchmark AA grade fell 3.9 percent to an average of $480.67 a bag as the quality of the beans declined, it said. Supplies of the grade dropped 44 percent to 350 bags, according to the exchange’s report.
“Prices have gone up because there are low supplies in the country and there is uncertainty about stock levels,” said David Muriithi, the exchange’s chief executive officer, by phone from Nairobi.
Total sales at the auction fell to 8,772 bags worth $3.77 million, from 11,441 bags valued at $4.61 million a week earlier, according to the exchange. Supplies of the beans dropped 37 percent to 10,576 bags, it said. The following are details of today’s auction in U.S. dollars for a 50-kilogram bag:
--Editors: Alastair Reed, John Deane.
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