Coffee Rises to 13-Year High on Crop Concerns; Cocoa Climbs
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Arabica coffee rose to a 13-year high in New York and robusta coffee reached the highest level since 2008 in London on concern that adverse weather in producing countries is curbing supply. Cocoa climbed.
Wet weather in Asia is delaying the harvest and processing of beans, said Rodrigo Costa, the vice president of institutional sales at Newedge USA LLC in New York. Rains in Central America have also kept supplies from “flowing out of the region,” he said. Colombia, the second-largest grower of arabica, said on Oct. 15 that a fungus is damaging plants and may reduce output next year.