Coffee futures surge 18.5% in largest single-day gain since 2000 on weather concerns
By
Ty Roush
Summary
Coffee futures experienced their largest single-day gain since 2000, jumping 18.5% to $3.57 per pound on Monday, driven by weather concerns over potential harvest disruptions. The surge pushed prices into "meme-stock territory" according to StoneX, fueled by institutional investors and computer-driven trading funds overwhelming selling from coffee-producing countries. The rally extended a 48% increase since June 10, though prices stumbled by over 7% in early Tuesday trading.
Source
bskyCoffee futures surge 18.5% in largest single-day gain since 2000 on weather concernsforbes.comKey quotes
· 2 pulledMonday's 'historic session' pushed coffee futures into 'meme-stock territory,' according to the financial services group StoneX
Aggressive buying by institutional investors and computer-driven trading funds overwhelmed heavy selling from coffee-producing countries
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