Coffee futures in New York jump 6% to new record amid 'panic buying'
NEW YORK (Reuters) -Coffee futures in New York rose more than 6% on Monday in the ICE exchange to a fresh all-time high above $4.30 per pound, with some market participants citing panic in the market amid limited coffee availability. Arabica coffee futures hit a record for the 13th straight trading session. Reports of a dry, hot weather system forming over Brazil's coffee areas helped to drive the new price peaks, as farmers in the world's top grower are reluctant to sell.