US MIDDAY: coffee future firms

11 Jun, 2004

CSCE arabica coffee futures closed higher on Thursday but trimmed gains before a three-day weekend, in trade focused on July/September spreads and winter weather in Brazil.
Refco analyst Ann Prendergast said coffee rallied earlier after top producer Brazil said it saw a possibility of frost over the weekend - until other weather services saw no risk and traders second-guessed holding too many fresh long positions.
"Basically they took profits to get out of the market and go home happy," she added.
July coffee beans climbed 0.25 cent to 83.25 cents a lb, after moving from 82.50-85.00 cents. September was up the same at 85.55, and except for one contract the rest were between up 0.10 cent and off 0.10.

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