Coffee Reserves Seen at 2000 Low on Indonesian Rain: Commodities
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Robusta coffee stockpiles are poised to slump to a 13-year low as torrential rain in Indonesia disrupts supply and consumers wait three more months before Vietnam’s new crop gets shipped.
Rain in the largest growing regions of Indonesia, the biggest producer behind Vietnam and Brazil, was as much as twice the 30-year average since April, MDA Weather Services says. Inventories certified by NYSE Liffe will tumble 34 percent to 52,000 metric tons by the end of 2013, the lowest since May 2000, the average of 10 trader estimates compiled by Bloomberg shows. Futures will gain 13 percent to $2,000 a ton over the same time, according to the median of seven forecasts.