UK: Coffee deal off the boil
A deal to boost the income of the world's coffee producers, most of whom are poor developing countries, is under strain just one week after the plan was announced. The Association of Coffee Producing Countries (ACPC) had agreed to hold back 20% of coffee production for two years to boost prices. Coffee prices recently reached a seven-year low of $890 a tonne for July delivery. Now doubts are surfacing as to whether Brazil, the world's largest coffee producer, will actually implement the scheme. Also, countries which are not ACPC members are reported to be reconsidering their commitments. "The gloss put on the ACPC plan last week is waning. It seems to be falling apart quicker than expected," said one London trader.
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