Arabica coffee futures tumbled to close lower Friday, dealing in a wide 5-cent range on fund selling and heavy pressure from the strong dollar and weak commodity complex, traders said. May arabica coffee futures fell 3.05 cents, or 2.25 percent, to close at $1.3250 per lb. Wide trading range from $1.3065 to $1.3575. May volume at a heavy 12,948 lots.
Arabica coffee futures fell sharply, consolidating down from Thursday's rally to a one-month high, on heavy fund selling - traders. May contract saw its biggest single-day fall on a percentage basis since February 25 - Thomson Reuters data. Strong dollar and lower commodity complex added fuel to the session's weakness - traders.
Arabica futures held strong support at $1.30, basis May - traders. Light producer selling was seen at the day's peak - one trader. Singapore Exchange (SGX) to launch trade in a new robusta coffee futures contract on April 22 to capitalise on Southeast Asia's top market status for the commodity.
ICE certified arabica stocks were little changed at 2,679,466 bags by March 18, down 262 bags. There were 22,433 bags pending grading - ICE data. Total volume Thursday at 20,227 lots, nearly double the previous 11,543 lots - ICE data. Total open interest reached 123,822 lots by March 18, down from the previous 124,135 lots - ICE.
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