Benchmark arabica coffee futures rose 1 percent to a 1-week high Thursday, fuelled by speculators buying back some of their short positions amid friendly signals on the price charts, traders said.
The New York Board of Trade's active coffee contract for July delivery climbed 1.0 cent to settle at 99.95 cents per lb, the loftiest since May 23, after trading from 98.25 cents to $1.03. September arabica advanced 0.95 cent to $1.0285 and the back months finished up 0.95 to 1.45 cents.
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