24 June 1998
Coffee drops to 17-month low
COFFEE prices dropped below $1/lb for the first time in more than 17 months after analysts predicted that the Brazilian harvest would be the biggest in 10 years.
The International Coffee Organisation said its latest daily market indicator price was 99.2¢/lb. The price of coffee has fallen 23.5% since the start of this year.
Traders said recent heavy selling, some by speculators and investment funds, was triggered by signs that the current Brazilian harvest will be the biggest in a decade.
- The Times 24/06/98 page 26 (Business Roundup)