Coffee price soaring

Coffee price soaring

LONDON (AFP): The price of coffee continued to soar last week, lifting for the first time since 1989 above US$1,500 per ton on large-scale buying by investment funds.

Prices rose to around $1,550 during the day on Friday, mainly benefiting from a cut in production of robusta from Indonesia, the world's premier exporter of this type of coffee.

But the price of cocoa continued to slip despite a world deficit. Sugar remained stable and vegetable oil was firm at high levels.

Grains and cotton varied little, while tea was lower along with wool.

Oil lost ground, contrary to rubber, which lifted after last week's falls.