P. M. BRIEFING : Coffee Prices Fall to 14-Year Low
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LONDON — Coffee prices fell to a 14-year low today after Brazil, the world’s biggest producer, said it saw no chance of reviving an international pact to support prices.
For the first time since the International Coffee Organization was forged 25 years ago, coffee prices were thrown to the mercy of the free market.
The January contract on the London market lost $63 to $1,135 a metric ton.
On the New York Coffee, Sugar and Cocoa Exchange, the December delivery contract plummeted 5.48 cents to 75.05 cents a pound, also the cheapest in 14 years. Trading was active.
The sell-off in world coffee markets was triggered by remarks by Jorio Dauster, Brazil’s chief delegate to the International Coffee Organization, that he thought it unlikely that a production agreement would be reintroduced for at least six months. He said the position of the coffee organization’s 74 member states had not changed since the agreement on export quotas was suspended in July amid acrimonious disagreement between producing and consuming nations.
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