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Coffee jumped to a three-month high Monday after snow and cold temperatures in Mexico raised concerns that next year’s harvest from the biggest U.S. supplier could be harmed.
“There could be damage to next year’s crop or delays to this year’s harvest,” said Charles Cronly, a vice president of trading at Harry J. Acer Corp., a green coffee trader in Palisades Park, N. J.
Coffee for March delivery rose 5.55 cents, or 3.1 percent, to $1.85 a pound on the Coffee, Sugar & Cocoa Exchange in New York.
In other markets, platinum fell to a 4 1/2-year low, while natural gas slumped.
The Commodity Research Bureau index dropped 0.49, or 0.2 percent, to 235.41.
