Coffee prices highest in 34 years

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(GLOBALPOST) Coffee prices have topped $3 a pound for the first time in more than 34 years.


A drop in supplies of high-grade arabica coffee beans and a growing taste for upmarket coffee among the middle classes of China, Brazil, Indonesia and India are blamed for the sharp rise.


Continuing weakness in the dollar has also kept many commodity markets soaring and encouraged a buy-up of arabica beans.


New York's July arabica contract hit $3.025 a pound on Wednesday, the highest since 1977. According to the Guardian, coffee futures inched lower to $2.94 on Thursday.......