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Gold to Coffee Drive Bullish Bets to 17-Month High

Hedge funds boosted bullish commodity bets to the highest since 2012 as extreme weather threatened global crops and a polar blast increased U.S. demand for heating fuel.

The net-long position across 18 U.S.-traded commodities rose 18 percent to 1.25 million futures and options in the week ended Feb. 18, the highest since September 2012, U.S. Commodity Futures Trading Commission data show. Investors tripled the net-long position in arabica coffee this month to the most bullish since May 2011. Gold wagers climbed to a 16-week high.