Open-outcry arabica coffee settled mostly lower on Friday, weighed by fund selling that pulled prices off earlier gains, traders said. "The market got up to the $1.17 area easily but then some big size selling came into the market and pushed prices back down to where we've been for the last couple days," one trader said.
The coffee market trading on NYBOT, set to be renamed ICE Futures US starting September 3, will be closed for the US Labour Day holiday on Monday. Regular trading hours will resume Tuesday.
The New York Board of Trade open-outcry benchmark December closed down 0.30 cent at $1.1585 a lb, after trading in a tight band from $1.1525 to $1.168. The rest ended in a range from 0.45 cent lower to 0.90 cent higher. "The offers were pretty thin and then all of a sudden offers just came onto the screen and into the ring pretty aggressive," a dealer said.
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