Coffee bean prices soar to new highs on Asia's expanding middle class

TOKYO -- Global coffee bean futures are near record or recent highs, fueled by increasing demand from a growing middle class in China and the rest of Asia while some major producers appear headed for poor harvests.

London robusta coffee futures, an international benchmark for the type of beans used mostly for instant coffee, hit $3,497 per tonne at one point on March 7 for an all-time high. Prices have remained high, closing at $3,421 on Tuesday.