Coffee prices hit a 2009 high on Monday amid concerns about the deteriorating outlook for Colombian production as commodity markets made a strong start to the new trading week with gains for crude oil, grains, sugar and base metals.
Liffe December arabica rose 1.8 per cent to $1.4540 a pound in reaction to news on Friday that Colombia’s National Coffee Growers Federation had cut its 2009-10 production forecast to 8.8m bags from a previous projection of 9.4m bags. (Each bag weighs 60kg.)
