Coffee climbed to its highest in nearly 50 years on Wednesday as concerns over a global supply shortage added to market uncertainty over the impact of incoming EU laws on deforestation.
Futures tracking higher-quality arabica beans rose 4.7 per cent to $3.23 a pound in New York, their highest levels since 1977, to extend the rally in prices this year to more than 70 per cent.
London futures for cheaper robusta beans, used in instant coffee, rose 7.7 per cent to reach $5,507 a tonne, nearly double their price at the start of the year.
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