CSCE coffee futures broke a brief losing skein to finish higher Tuesday on combined trade, roaster and speculative buying, although operators feel the market remains trapped in a wide trading band.
CSCE July arabica surged 2.45 cents to finish at 72 cents a lb, moving from 69.70 to 72.20 cents. Spot May gained the same to 70.75 cents. Distant months went up 2.10 to 2.30 cents.
Judy Ganes of J. Ganes Consulting said the strong advance posted by robusta futures in London "spilled over" into New York, enabling futures to vault higher.
Technicians feel support for the July contract would be at 70 and 69.20 cents, with resistance at 72.50 and 73 cents.