US MIDDAY: coffee rises on strong technical signals

03 Aug, 2005

New York Board of Trade benchmark arabica futures rose more than 4 percent to end at an 19-day high, fuelled by a bout of fund buying amid strong technical signals, market sources said. NYBOT's September arabica climbed 4.45 cents to settle at $1.0660 a lb, the highest since July 14 and near the top end of today's trading range from $1.0125 to $1.0690.
The big stop-loss buy orders were triggered when the September contract broke above $1.05, Costa said, pegging the next technical resistance targets at $1.0780 and then $1.10.
Among other arabicas, December likewise climbed 4.45 cents to finish at $1.1110, while back months concluded 4.55 to 5.35 cents higher on the day.

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