Arabica coffee turned around to settle up a shade Friday, on the weak US dollar, investor buying and position rolling amid hefty volume, traders said. The March arabica coffee contract inched up 0.35 cent to close at $1.1955 per lb. Dealings ranged from $1.1775 to $1.2075 per lb. March volume at a heavy 13,844 lots by 1:56 EST (1856 GMT).
The market trades until 2:45 pm. Position rolling out of the March contract, ahead of first notice day February 19, into the May contract - traders. Buying by investors amid the weak US dollar also supported prices, although they remained well within the recent one-month range from $1.1270 to $1.2340, basis March - traders. The dollar fell against the euro as US stock markets rose on hopes that lawmakers will pass a stimulus package to boost the economy.
Market was weak earlier as it corrected down after settling up 3 percent Thursday, when a late-day surge of fund buying pushed prices higher - traders. Brazil exported 2.09 million 60-kg bags of green coffee in January, up 7.2 percent from 1.95 million bags shipped in the same month a year ago - Council of Green Coffee Exporters said Thursday.
Light, scattered showers and thundershowers forecast for Brazil's coffee growing regions through Tuesday, with temperatures near to above normal - DTN Meteorlogix. Total volume Thursday at 23,005 lots - ICE data. Open interest by February 5 at 138,473 lots, up from the previous 136,845 lots - exchange data.
Comments
Comments are closed.