London coffee flat

20 Aug, 2004

LIFFE robusta coffee prices closed barely changed on Thursday after a quiet session dominated by switch trading, dealers said.
November settled at $676 a tonne, up $3 after dealing within a $678-663 range on volume of 2,867 lots from a total of 6,171.
"It's been quiet with the funds absent," said one floor source. The market was saved from any drops because November managed to hold above $660 and New York's December contract kept shy of support levels around $69, he added.
"It did come close to letting it all go and if it had gone below those levels the whole move up would have been an error," the dealer said, referring to Monday's dramatic 6.7 percent jump to $706.
On the Brazilian weather front, Meteorologix forecast dry conditions and near to above normal temperatures for coffee-growing areas.
A cold air mass from central Argentina may pass to the south of the coffee belt late next week but poses no threat of damaging cold to the coffee belt, the meteorologist said.

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