New York arabica coffee futures settled firmer Friday as position rolling out of the front month dominated the session while investor buying gave the market an additional boost, traders said. ICE Futures US March arabica finished up 0.50 cent at $1.1545 per lb. Trades ranged from $1.15 to $1.1710. March volume reached 8,380 lots by 2:05 pm.
Spot-month December closed up 0.55 cent at $1.1095 per lb. December/March spreads made up more than half the day's volume ahead of the front-month contract's first notice day November 19 - traders. Investor buying also supportive - traders. Lack of selling interest also helped market to remain buoyant - traders.
Brazil's 2009/10 (July/June) coffee crop was seen at 37 million 60-kg bags compared with the 45.8 million bags expected from the current record crop that just finished harvest - agriculture ministry's executive secretary Silas Brasileiro.
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