US MIDDAY: coffee moves up on fund buying

Arabica benchmark coffee futures enjoyed a spurt of heavy fund buying late in the Wednesday session, adding almost 3 percent to yesterday's more than 5 percent gain, traders and analysts said. "There is nobody really selling this market. Origin will not pop up, so we are all about what funds are going to. The funds bought again today," said Rodgrigo Costa, an analyst at Fimat USA. New York Board of Trade's bellwether July arabica contract advanced 3.50 cents or 2.9 percent to settle at $1.2485 per lb after trading from $1.1975 to $1.25 which marked the loftiest since April 7.
Front-month May arabica, which has a first notice day for delivery on Thursday, gained 3.3 percent to $1.2185. The back month futures finished up 2.55 to 3.50 cents.