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This is an archive article published on January 11, 2000

LIFFE coffee futures

LIFFE coffee futures jumped 6 per cent on Monday morning fuelled by market talk of a bullish prediction for Brazil's 2000/01 crop from ind...

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LIFFE coffee futures jumped 6 per cent on Monday morning fuelled by market talk of a bullish prediction for Brazil8217;s 2000/01 crop from independent forecaster Leon Yallouz. The LIFFE March contract spurted 72 to hit a session high of 1,240 a tonne.

The key contract had earlier opened 57 up in defiance of traders8217; expectations who had said it would start 10 down.8220;There are rumours flying around the market that Yallouz8217;s figures are below the Brazilian government8217;s estimate but I have seen nothing in writing,8221; said a trader.

Although no precise figure was available, a range of 25-27.5 million 60-kg bags was rumoured, well below the Brazilian government8217;s December forecast of 28.9 million bags. Traders said they expected the forecast from the Rio de Janeiro based analyst to come out early Brazilian time, which lags GMT by two hours.

Market sentiment has see-sawed on rumours that Yallouz8217;s report, the most closely watched independent analysis of the Brazilian coffee crop, would be released last Saturday. On Friday, market sentiment was glum as fears abounded that Yallouz8217;s forecast would be above the government8217;s estimate.

 

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