Coffee prices tumbled in panic selling exacerbated...

Coffee prices tumbled in panic selling exacerbated by speculation that the International Coffee Organization pact, aimed at supporting prices, may collapse. On the Coffee, Sugar & Cocoa Exchange, coffee for delivery in September fell 1.55 cent to $1.225 a pound after dipping to a low of $1.185, the lowest since September, 1987. In London, coffee prices fell to their lowest in seven years in what one dealer called the coffee market’s own version of October’s Black Monday financial crash.