New York coffee futures charged ahead on Monday on speculative and fund buying coupled with little selling from producing countries amid thin volumes, traders said. "It's been really quiet. Just a lot of local activity," said a trader, referring to small funds. "Very few people are in this market." New York Board of Trade's most-active March arabica rose 2.20 cent, or about 2.4 percent, to settle at 92.60 cents a lb, after dealing from 91.60 to 94 cents.
NYBOT's coffee market is closed on Thursday and Friday. Estimated trading volume in coffee reached 11,429 lots, compared with 15,144 lots the previous session. Open interest rose 560 lots to 87,368 lots as of November 19.
On the charts, traders put support for the March delivery at 89.90 cents and then at 89 cents, with resistance at 94 cents and then at 96 cents.
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