NEW YORK: Orange juice futures settled at a 4-month high Thursday as the market rose for the first time in four sessions on investor buying, analysts said.
The key July FCOJ contract on ICE Futures US climbed 4.45 cents to end at $1.8495 per lb, dealing from $1.805 to $1.8555.
It was the loftiest settlement for juice since January 10, according to Thomson Reuters data.
But volume traded was running around 40 percent below the 30-day norm over 1,500 lots at 1:44 p.m. EDT (1744 GMT), Thomson Reuters preliminary data showed.
The July contract appears to have established a new support area around $1.80, and the market could eventually launch a probe near the psychological $2 level, dealers said.
Country Hedging analyst Sterling Smith said there could also be signs of some premium buying before the start of the annual storm season which could threaten Florida citrus farms on June 1.
Other analysts said though that historically, storms which can menace Florida will not be forming until August or later in the season.
For now, the market kept tabs on the weather in Florida. Telvent DTN forecast Florida would be dry through the weekend and into Monday.
Total volume stood at 1,035 lots as of May 18, versus the previous tally of 1,568 lots, ICE Futures US data showed.
Open interest reached 32,787 lots as of May 18 from 32,635 lots in the previous session, the exchange said.
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