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New York coffee futures struggled to end in positive territory on Tuesday, after producer selling sideswiped a burst of speculative fund buying, traders said. New York Board of Trade most-active March arabica settled 0.10 cent firmer at 92.95 cents a lb after dealing from 91.65 to 94.80 cents. More distant futures likewise gained 0.10 cent across the board.
"Initially the market looked like it was going to be a gangbuster day it opened up over 94 (cents)," said a trader. "But the market stalled out, and when we got up to 94.80, it looked like Brazil woke up to do some selling."
The trader said he noticed little currency-related activity despite the US dollar falling to a 17-month low against the Brazilian real at 2.741 in the session.
Since November, coffee prices have rallied on a combination of fresh fund investments and market concerns about weakening crop prospects in Brazil, the world's biggest grower and exporter of coffee.
Some analysts estimate Brazil's 2005/06 harvest to be less than the last official estimate of 38.3 million 60-kg bags this year. Yet some analysts say more time is needed before a valid projection can be made.
Brazil is expected to give its first estimate for next year's crop in December. Estimated trading volume reached 12,362 lots from 11,476 lots on Monday. Open interest rose 131 lots to 87,499 lots as of November 22.
NYBOT will be closed on Thursday and Friday for US Thanksgiving. Technically, a trader put support for the March delivery at 91.50 and then 90 cents, with resistance at 94.80 and then 96 cents.

Copyright Reuters, 2004

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