US arabica coffee closed down for the fifth straight session on Monday, near the day's lows amid thin trade and a general lack of participation, traders said. "It was more. local and day trading. Origin was not seen at all. I didn't see any roaster fixations, they're still just holding back for lower prices," one trader said.
New York Board of Trade open-outcry benchmark September dropped 0.35 cent to close at $1.0940 a lb., in dealings from $1.0925 to $1.1050. The rest settled in a range from 0.15 to 0.35 cent lower. On the IntercontinentalExchange NYBOT electronic platform at 1:52 pm, September was down 0.45 cent at $1.0930 a lb., trading from $1.0910 to $1.1045, which marked a double bottom with that of the previous session.
For Tuesday, traders pegged initial support for key September at $1.0910 with resistance at $1.1050. Robusta futures in London ended little changed after two-sided action, with Liffe September down $3 at $1,894 per tonne after trading $1,884 to $1,903. Meanwhile, China's coffee consumption could grow to 250,000 to 300,000 tonnes in the next 10 to 15 years as disposable incomes in the world's most populous nation rise, said the chairman of one of Italy's top three roasters, Illycaffe.
NYBOT estimated 1,929 lots traded in New York open-outcry, compared to the 3,126 lots officially tallied in floor trade on Friday, when 12,019 contracts traded on the ICE screen. As of July 6, open interest rose 1,433 lots to 162,472 contracts. On the weather front, top coffee producer Brazil will be mostly dry with near-normal temperatures through on Friday, DTN Meteorlogix forecast.