Benchmark arabica coffee futures rose to a three-month high on a technical bounce Thursday, while the harvest season winds down in top grower Brazil, traders said.
On the New York Board of Trade, the most-active December coffee contract settled at 78.45 cents a lb, up 1.40 cents, after trading from 75.60 cents to 79.50 cents. It is the highest close since June 24.
Spot September likewise gained 1.40 cents to 74.70 cents, while longer-dated contracts advanced 1.35 cents to 1.40 cents.
Coffee futures declined early in the session, with some speculative profit-taking on news that Hurricane Ivan was not a threat to the Port of New Orleans, which warehouses hundreds of thousands of bags of coffee, traders said.
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