Arabica coffee futures contracts trading on ICE Futures US moved higher in early thin trade Wednesday, while cocoa turned lower after hitting sell stops. July arabica coffee contract up 1.90 cents at $1.387 per lb at 9:08 am EDT (1308 GMT), traded from $1.368 to $1.388. The rest rose 1.40 to 2.00 cents.
Market remained range-bound between $1.28 to $1.42, basis July, amid light volume, said traders. Top coffee grower Brazil will be mostly dry through Sunday with near to above-normal temperatures with no cold weather in sight, according to DTN Meteorlogix.July cocoa contract down $49 at $2,554 per tonne at 9:09 am, range from $2,552 to $2,612. One deferred contract aside, the rest fell $11 to $45. Hit sell-stops after breaking through $2,575, basis July, said traders.
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