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Coffee Posts Record Rally in Decade, Zinc Snaps Decline

February 5, 2014 at 22:10 by Vladimir Vyun

Today, coffee demonstrated the biggest rally in more than a decade as weather was threatening supply in various countries. Harvest in Brazil is in danger because of hot and dry weather. At the same time, excessive rains may hurt crops in Indonesia. The commodity entered a bull market this year. March futures for delivery of coffee surged as much as $0.0685 (5.03 percent) to $1.4310 per pound as of 22:08 GMT on ICE.

Zinc gained today, snapping the longest decline in 25 years. Chinese imports of the metal increased, helping to bring prices higher. It is expected that global supply deficit will widen this year, while stockpiles continue to decline. Contract for delivery of zinc in three months rose 0.8 percent to $1,968 per ton as of 17:50 on LME.

If you have any questions and comments on the commodities today, use the form below to reply.

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