Arabica coffee futures prices rebounded to end up more than 2 percent on Wednesday, as roasters and speculators took advantage of sliding bean prices in the session, traders said. The most active arabica contract, July, rose 2.6 percent to settle at $1.2475 a lb., after trading from $1.2020 to $1.2540. The September delivery climbed 3.15 cents, or 2.5 percent, to end at $1.2765 a lb. back month arabica contracts advanced 3.15 to 3.35 cents. "It was a little healthier than all the other moves we've seen so far (over the past few days), but once more the volume was not great to be confident to sell your house and buy coffee," said Rodrigo Costa, vice president of institutional sales at Fimat USA.
NYBOT final estimated trading volume in arabica futures reached 9,743 contracts, up from Tuesday's official tally of 7,389 lots. A soft Reuters CRB Index, a basket of 17 commodities and a leading indicator for the commodities markets dampened the upside potential in arabicas.
Arabica futures found some support from rising robusta futures in the United Kingdom.
Life's benchmark July robusta contract settled at $1,123 a tonne, up 2.3 percent. In Sao Paulo, nearby arabica futures were up 2.3 to 2.6 percent.
Technically, traders pegged support in July arabica at $1.2020 and then $1.1975, with resistance at $1.2540, and then $1.2630.
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