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Arabica coffee futures trading on ICE Futures US settled higher on Tuesday, recovering from Monday's steep losses after fund buying and spillover support from other commodity markets provided a late-day boost, traders said.
"We're seeing strength in the CBOT (Chicago Board of Trade) grains and energy markets, it's carrying over into the softs," one coffee trader said, noting support from funds.
The benchmark ICE May arabica coffee contract settled up 1.55 cents at $1.3755 per lb. The market trades until 3:15 pm EDT (1915). By 1:47 pm, the May contract was 2.30 cents higher at $1.3830, with dealings ranging from $1.344 to $1.3975.
The rest ranged from 0.35 cent weaker to 2.35 cents higher. Arabica futures appeared to be looking for direction in the session as speculators and funds played both sides of the market, after on Monday's sharply lower settlement down nearly 11 percent at a 7-week low.
Meanwhile in the No 1 coffee grower, Brazilian coffee producers have sold 83 percent of the 37.1 million 60-kg bag 2007/08 crop by February 29, up from 72 percent sold of the bigger crop a year ago, private analysts Safras e Mercado said on Monday.
Also in Brazil, scattered rains alternating with sunny periods are expected for the country's key coffee producing areas in Sao Paulo and Minas Gerais states in the coming days, private meteorologists Somar said on Tuesday.
On the London International Financial Futures Exchange (Liffe), robusta futures rose as soft commodity markets focused on an expected Fed rate cut. The May contract ended $4 higher at $2,444 a tonne. ICE robusta futures had not traded by 1:49 pm. On Monday, a heavy 58,965-arabica futures contract traded on ICE. Open interest dropped 7,022 lots to 176,475 lots as of March 14.

Copyright Reuters, 2008

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