CSCE arabica coffee futures vaulted to a firm finish Wednesday on speculative buying along with concern rains may hinder the harvest in top grower Brazil and consequently affect bean quality, analysts said.
CSCE July arabica gained 1.00 cent to close at 83.90 cents a lb, ranging from 82.30 to 86.15 cents.
On Friday, the contract soared 7 percent to finish at 85.55 cents. Based on the spot monthly charts, it was the best finish for coffee since trading above 86 cents in July 2000. September added 1.05 to 86.10 cents. Except for one contract, distant months increased 1.00 cent.
Final estimated volume reached 26,317 lots, from the prior count of 31,162 lots. Call volume hit 10,682 lots while puts stood at 6,500 lots. Open interest in the arabica coffee market increased 3,819 lots to 112,457.