Arabica coffee climbed to a fresh 4-1/2-year peak Thursday as index funds stormed into the commodities markets amid a weakening dollar, traders said. "It looks like index-fund buying came into the market," said a trader, pointing out that most commodities futures were strong apart from orange juice and cattle.
New York Board of Trade front-month March arabica rose 1.40 cents to settle at $1.1385 a lb after dealing from $1.1190 to a new contract high of $1.1470 which was the loftiest level for a front-month product since July 2000.
Most-active May arabica advanced 1.45 cents to $1.1650 after hitting a contract peak $1.1725 when it broke through its contract high of $1.1640 set just yesterday. The rest rose 1.35 to 1.45 cents.
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