Benchmark arabica coffee futures rose nearly 2 percent Tuesday as speculators bought back their short positions amid a general rally in the commodity sector, market sources said.
The New York Board of Trade's active coffee contract for July delivery rose 1.80 cents to settle at $1.0140 per lb., the strongest settlement since May 18, after ranging from 99.30 cents to $1.0175.
September rallied the same to finish at $1.0430 a lb., and back months advanced 1.80 to 1.95 cents.
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