US coffee futures finished in positive territory Thursday, thanks to a combination of roaster buying and participants squaring option positions a day ahead of expiration, traders said.
"There was some spec liquidation due to rain on the forecast in the morning; and after that selling was done, we saw the industry come in and do a little buying," one trader said, referring to wet weather in top grower Brazil. Another trader said market participants were tweaking their option positions ahead of November expiration tomorrow.
On the New York Board of Trade, the most-active December coffee contract rose 0.50 cent to settle at 78.15 cents a lb, after trading from 75.80 cents to 78.25 cents. March 2005 likewise gained 0.50 cent to 81.20 cents, while longer-dated contracts firmed 0.35 to 0.45 cent.