MARKET INSIGHT: December Arabica Coffee Up 2.65 Cents At $1.1025/lb In Quiet Post-Holiday Market Nov 29
NOV 28 (SpillingTheBeans)–ICE futures exchange in New York closed for trading Thanksgiving Holdiday.
NOV 27 (SpillingTheBeans)–December Arabica coffee futures closed down 0.55 cent at $1.0760 per pound cent per pound on Wednesday at the ICE futures exchange in New York. Prices opened up 0.80 cent as the bull camp in the market tried to make an attempt to get prices up and futures surged to $1.0900/lb before the halfhearted effort fell back on poor volume. Many traders had already left for the long Thanksgiving holiday weekend which starts in the U.S. on Thursday where the market will be closed. More forward and active March Arabica futures settled down 0.65 cent at $1.0810/lb.
NOV 26 (SpillingTheBeans)–December Arabica coffee futures rose 0.05 cent per pound on Tuesday at the ICE futures exchange in New York after another session marked by “very low volume” and little trade interest with prices settling up at $1.0815 per pound, traders said. Prices opened flat at 108.10 c/lb and reached a high of 109.05 in the session, but attempts to drive prices up to a higher close failed on the lack of volume and the market fell back to settle a tad above the last session close. One trader told SpillingTheBeans the market “is already in holiday mood” and getting ready for the long Thanksgiving weekend starting in the U.S. on Thursday. More forward and active March Arabica futures settled up 0.20 cent at $1.0875/lb.
NOV 25 (SpillingTheBeans)–Active December Arabica coffee futures rose 1.0 cent per pound on Monday at the ICE futures exchange in New York after a session dominated by sluggish trade, settling up at $1.0810 per pound as the market lacked direction and volume to make a more decisive move in either direction. Prices opened up 0.60 cent but were pulled all the way down to $1.0605 before making a come-back by mid-session. December futures then rallied all the way back up to $1.0840 on profit taking from Friday’s losses until loosing strength and settling a nod lower. Traders said the market “feels some support” from news out of Brazil, the world’s largest producer and exporter, where the government last Friday announced it was expecting to suspend debt payments for producers as the country’s growers struggle with the current prices which are trading near 7-year-lows. More forward and active March Arabica futures settled up 1.05 cent at $1.0855/lb.
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