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1745 views August 9, 2013 posted by Maja Wallengren

MARKET INSIGHT: Coffee Prices End Week Up 4.1% On Brazil Support At $1.2290/Lb Aug 9

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AUG 9 (SpillingTheBeans)–September Arabica coffee prices at the ICE futures exchange in New York extended gains from the last session and settled up 0.85 cent at $1.2290 per pound on Friday. Prices made another recovery for the third session in a row, closing up 4.1% on the week-ago level of $1.1805/lb and gaining 4.85 cents over the week, but failed to hold on to earlier gains when prices in intra-day trading rose to $1.2430/lb. Overall traders said prices are buoyant to the news released earlier in the week that Brazil’s government plans to buy up to 3 million 60-kilogram bags at subsidized prices above local purchasing prices in order to help growers. More forward December prices closed up 0.80 cent at $1.2560/lb after reacing a high of $1.2680/lb earlier in the session. Prices are seen trying to establish a range between $1.22 and $1.28, trader said, but added that Arabica futures add technical support to rise above the $1.30/lb barrier for now.

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AUG 8 (SpillingTheBeans)–September Arabica coffee prices at the ICE futures exchange in New York extended gains from the last session and settled up 1.00 cent at $1.2205 per pound. Plans by Brazil government to buy up to 3 million 60-kilogram bags at subsidized prices above local purchasing prices continued to help prices gain momentum in the bear camp of the market, trades said. More forward December prices closed up 1 cent at $1.2480/lb.

AUG 7 (SpillingTheBeans)–September Arabica coffee prices at the ICE futures exchange in New York recovered on Wednesday and settled up 3.15 cents at $1.2105 per pound. Traders said news of Brazil’s President Dilma Roussef confirming government price support through the purchase of at least 3 million bags of coffee at subsidized prices above the market added pressure on prices and led the bull camp of the market to sustain early gains from the session. Market focus, however, is expected to remain on final harvest results from Brazil as well as the new and upcoming 2013-14 harvest in the rest of the world. More forward December prices closed up 3.80 cents at $1.2380/lb.

AUG 6 (SpillingTheBeans)–After two sessions with consecutive gains September Arabica coffee prices at the ICE futures exchange in New York crashed again on Tuesday to settle down 1.75 cents at $1.1790 per pound. More forward December prices closed down 1.80 cents at $1.2070/lb. Traders said as the frost season in the world’s top growers Brazil is now over and the harvest is coming to an end there is little fear of any other weather trouble at this point causing havoc to the Brazilian crop. Market focus will in coming weeks be on final harvest results from Brazil as well as the new and upcoming 2013-14 harvest in the rest of the world.

AUG 5 (SpillingTheBeans)-–September Arabica coffee prices recovered some ground on Monday and closed up up 1.60 cents per pound at the ICE futures exchange in New York to settle the first trading day of the week at $1.1965/lb. More forward December prices, meanwhile, closed up 1.45 cents at $1.2250/lb.

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