US coffee futures firmed modestly across the board on Monday on light speculative fund interest, traders said.
"There was some fund buying, but it didn't have any follow-through momentum," one trader said. "I think the market is consolidating at these levels." The most-active December arabica coffee contract on the New York Board of Trade rose 0.50 cent to settle at 75.60 cents a pound, after trading from 74.80 to 76.40 cents.
March gained 0.65 cent to 78.60 cents, while longer-dated contracts rose 0.50 cent to 1.30 cent. Contract switching between the December and March increases ahead of the December contract's first notice day, which is November 18.
The December contract expires on December 20. On the weather front, scattered showers were forecast to sweep over top grower Brazil's major growing areas of Sao Paulo and Minas Grease on Monday and Tuesday, followed by light showers on Wednesday and mostly dry conditions through on Sunday.
Private meteorologist Somar predicted on Monday that two more cold fronts were expected to pass through Brazil's coffee belt in November, bringing widespread rain. Rainfall in the world's biggest coffee producer and exporter is important at this time of year for tree flowering and future crop prospects.
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