Coffee Futures Hit 5-Year High
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A surprise weekend cold snap in Brazil sent prices of coffee futures skyrocketing to their highest level in more than five years Monday on New York’s Coffee, Sugar and Cocoa Exchange.
Brazil may have lost up to 5 million bags, or about 20%, of next year’s crop, said Hercilio Amaral, a spokesman for the country’s National Coffee Council, after the close of trading. But he said that was a preliminary estimate.
The market opened sharply higher on news that possible frost damage extended well into central regions seldom affected by low temperatures.
The July contract at one point was 54 cents higher before settling at 159.75 cents a pound for a gain of 33.80 cents.
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