Saturday, 29. May 2004
Topic: NEWS english - on May 29, 2004 at 12:23:00 PM CEST
Coffee Prices Have Biggest Weekly Gain Since 1999 on Brazil Supply Concern
Coffee futures in New York soared 18 percent this week, the biggest gain in more than four years, as speculators increased purchases at the beginning of winter in Brazil, the world's largest grower.
Hedge-fund purchases increased amid forecasts for colder weather to reach southern growing areas of Brazil. Forecaster Meteorlogix LLC said temperatures will start to warm next week. Coffee futures have climbed 41 percent in the past year as Brazil's output fell following a record crop last year.
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