Arabica coffee futures closed down 2.3 percent Friday, pressured by profit-taking and commodity-wide selling, as a spike in the US unemployment rate added to concern about economic health, traders said. Arabica coffee for December delivery sank 3.20 cents, or 2.3 percent, to settle at $1.3890 per lb. Wide session range from $1.3815 and $1.4315.
December volume reached a heavy 15,237 lots by 1:53 pm EST (1853 GMT). Arabica coffee futures attracted heavy volume after selling across the commodity markets triggered sell-stops below $1.3950, basis December - traders. The commodity complex felt selling pressure after government data showed US employers cut more jobs in October than expected, hiking the unemployment rate to the highest level in 26-1/2 years - traders. The higher dollar also added pressure - traders.