COMMODITY BRIEFS

COMMODITY BRIEFS

LIFFE TO REDESIGN

JAPANESE CONTRACTThe London International Financial Futures Exchange said Wednesday it will redesign the contract specification of its Japanese government bond futures contract, following an agreement with the Tokyo Stock Exchange for further cooperation.

The two exchanges Wednesday signed "an agreement of understanding" outlining a new basis for "continuing cooperation" on Liffe's Japanese government bond future, Liffe said.

The existing contract for Liffe's JGB future will be amended to allow ''global investors to use Liffe much more effectively in conjunction with the TSE contract," Liffe Chairman David Burton said in a press release.

Liffe said the new contract will be designed to overcome current problems of either price risk from switching positions from Liffe to the TSE or "administrative inefficiencies" in maintaining positions in both markets.

COFFEE REVENUE FALLS

DESPITE EXPORTS HIKE

LONDON - The value of coffee exported by International Coffee Organization members fell by $800 million from 1988 to 1989, according to internal ICO documents obtained by news sources Wednesday.

Exports totaled $8.6 billion in (January-December) 1989, down from $9.4 billion in 1988, the documents say. The fall was despite the fact that 8 million more 60-kilogram bags of coffee were exported in 1989 than in 1988.

The 1989 figure is the lowest in the last six years, which is as far back as the documents go. The fall in revenue reflects the slump in world prices to 14-year lows following the suspension in July of export quotas under the 1983 International Coffee Agreement.