Arabica coffee closed at the lowest level in nearly seven weeks on Friday, on continued long liquidation and in sympathy with the lower commodity complex and as US stock markets tumbled amid concern the recession was worsening, traders said.
The May arabica coffee contracts fell 1.30 cents to close at $1.1120 per lb, the weakest settlement for the second-month contract on a continuation chart since January 5. Trades ranged from $1.1055 to $1.1255 per lb. May volume at a light 6,977 lots by 2:01 EST (1901 GMT).