Benchmark arabica coffee futures surged on Friday just before the close as speculators saw the opportunity to buy ahead of the long holiday weekend in London and Brazil, both of which are closed on Monday to celebrate May Day, dealers said.
The New York Board of Trade's active arabica contract for July delivery gained 1.70 cents to settle at $1.0970 a lb., after trading from $1.0815 to $1.0990 a lb. The September contract rose 1.70 cents to end at $1.1245, and back months closed up 1.50 to 1.70 cents.