NEW YORK: Orange juice futures closed lower Monday for the second straight session on follow-through investor sales as spillover pressure from the macro economic front pressured the market, dealers said.
The benchmark January FCOJ contract fell 1.55 cents to finish at $1.6805 per lb, trading from $1.677 to $1.698.
Total volume traded Monday was around 600 lots, almost three-quarters under the 30-day norm, preliminary Thomson Reuters data showed.
"The specs kept the pressure on but the volume has been light. The outside markets are pressing it, but winter is coming up so the losses are kind of limited," a dealer said.
The market has received support from winter premium buying as investors tried to protect positions in case a hard freeze struck Florida's citrus farms.
A freeze hit Florida in 2010 and in 2011, causing damage to fruit and stressing citrus trees in the Sunshine State.
Forecaster Telvent DTN said Florida, the biggest citrus growing region in the US, should remain dry before showers possibly hit on Thursday.
Open interest stood at 26,456 lots as of Nov 11 versus the 26,642 lots as of Nov 10, ICE Futures US data said.
Volume traded on Friday hit 1,627 lots, against the prior tally of 904 lots, exchange figures showed.
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