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Coffee futures in New York surged 6% to a record above $4.30 per pound, driven by panic buying amid limited availability. Arabica coffee prices, which have risen 35% this year, are being fueled by concerns over low stocks in Brazil and unfavorable weather. Brazilian farmers are reluctant to sell remaining crops, exacerbating fears. Speculators have also played a role in the price hike, though some traders believe the next Brazilian harvest could improve, potentially easing the pressure. Meanwhile, Robusta coffee prices also reached record highs.
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