Coffee Jumps in N.Y. as Inventories Dwindle, Commodities Surge
Stockpiles in warehouses monitored by ICE Futures U.S. have dropped 3 percent this year. Coffee inventories in Brazil, the world's biggest grower, are at a 50-year low, said Jaime Menahem, a trader at Alaron Trading Corp. in Miami. The UBS Bloomberg Constant Maturity Commodity Index surged as much as 3.1 percent to the highest ever, led by record crude-oil and gasoline prices.