Coffee Extends Rally to 13-Year High; Sugar Falls, Cocoa Gains
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Coffee rose in New York, extending a rally to a 13-year high, on speculation that supplies will lag behind demand. Raw sugar dropped, and cocoa gained.
Coffee has surged 54 percent in the past year amid slumping inventories and concern that too much rain would damage South American crops. Colombia’s harvest may decline in 2011 after wet weather caused the worst outbreak of a plant-damaging fungus in a quarter-century, a grower in Antioquia, the leading provincial producer, said last week.