Arabica coffee futures settled weaker Wednesday after late-day fund liquidation pressure pulled the market further away from last week's 10-year high, traders said.
"There has also been quite a bit of spec selling. (At) $1.61 or so, there was some chart support and I think there was fund buying everywhere for a while," one trader said, about the earlier support seen in the May contract. The key ICE May arabica coffee contract settled down 1.15 cents at $1.639 per lb. By 2:01 pm, the May contract was 2.45 cents lower at $1.626 with trades spanning $1.6155 to $1.655.