Coffee prices hit new lows; crude oil sinks significantly
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London
COFFEE prices scored new lows last week as Brazil was snared by emerging markets turmoil, while crude oil sank on stubborn fears over Chinese demand and global oversupply.
Top coffee producer Brazil hit the headlines after Standard & Poor's (S&P) ratings agency slashed the nation's credit assessment to junk on Wednesday. The bombshell sent Brazil's currency, the real, collapsing to a new 13-year low point against the US dollar. In turn, Robusta coffee hit a two-year nadir at US$1,544 per tonne in Friday trade in London while Arabica touched 116 cents per pound - last seen one and a half years ago - in New York. Robusta, a bitter variety used in instant coffee, and the more expensive Arabica are the most widely traded types of the commodity.
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