(Updates with table of prices.)
Oct. 31 (Bloomberg) -- Tanzania’s benchmark coffee grade gained as much as 2.8 percent as prices tracked global rallies, the Tanzania Coffee Board said.
The benchmark arabica AA grade sold for as much as $326 per 50 kilograms (110 pounds) compared with $317 a week earlier, the board said today by e-mail from Moshi, in northern Tanzania.
The average price for the grade fell 0.7 percent to $297.91 per 50 kilograms from $300.15 a week earlier, the board said. Supplies of the grade fell 21 percent to 4,114 bags, it said.
The average price for all the coffee sold advanced by 58 cents per 50 kilograms compared with the previous auction after supplies declined and global prices rallied, according to the agency report.
Total supplies at the ninth auction of the 2011-12 season fell 28 percent to 15,491 60-kilogram bags, from 21,478 bags a week earlier, it said. Sales at the auction fell 39 percent to 12,774 bags from 20,964 bags, the agency said, without giving details. Tanzania prices its coffee per 50 kilograms, while offers and sales are in 60-kilogram bags.
Tanzania reaps its crop from April through August. Arabica accounts for 75 percent of the country’s output, while robusta makes up for the rest. Arabica beans are grown in East Africa and Latin America and are brewed by specialty companies such as Starbucks Corp. Robusta beans are produced in Asia and parts of Africa and are used in instant coffee.
The following are details of the Oct. 27 auction in U.S. dollars for a 50-kilogram bag for the good grades:
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