Arabica coffee futures for September delivery climbed Wednesday, lifted by speculative buying that took nearly all soft commodities higher.
Nearby September coffee rose 3.65 cents, or 2.2%, to settle at $1.6740 a pound on ICE Futures U.S. in New York.
"The advance was a combination of technicals and the fact that markets like sugar and cocoa also went up, so the soft commodity complex was higher as a result," said Hernando de la Roche, managing director of coffee trading at Hencorp Futures in Miami.
Coffee futures continue to derive underlying support from the lack of top-quality arabica beans in the market ahead of the Central American and Colombian harvests, where most of the mild washed arabica beans are grown.
Much of Wednesday's trading was centered on charts, however, as bullish participants pushed prices toward the high end of the trading range. Even so, coffee futures remained within recent parameters.
September coffee reached a session and 1 1/2-week top of $1.6810 on the buying interest. Prices could gain further, though strong resistance is expected to develop as coffee nears $1.70 a pound.
"We're still in that trading range from $1.55 up to $1.70," said de la Roche.
A lack of aggressive origin selling in coffee is allowing prices to rise. Only small amounts of selling pressure have been seen from the ongoing Brazilian harvest.
Conditions across Brazil's coffee areas are mostly dry, allowing producers to make rapid harvest progress. The crop is also benefiting from a lack of potentially damaging cold temperatures.
ICE warehouse stocks 3,471 bags to total 2.127 million bags, the exchange reported.
Total open interest on ICE fell 406 to 166,376 contracts.
Volume was pegged at 14,644 contracts traded, with 5,867 calls and 3,489 put
options traded.
ICE Change (cents) Range
Sep $1.6740 up 3.65 $1.6365-$1.6810
Dec $1.6835 up 3.60 $1.6435-$1.6900
Nearby September coffee rose 3.65 cents, or 2.2%, to settle at $1.6740 a pound on ICE Futures U.S. in New York.
"The advance was a combination of technicals and the fact that markets like sugar and cocoa also went up, so the soft commodity complex was higher as a result," said Hernando de la Roche, managing director of coffee trading at Hencorp Futures in Miami.
Coffee futures continue to derive underlying support from the lack of top-quality arabica beans in the market ahead of the Central American and Colombian harvests, where most of the mild washed arabica beans are grown.
Much of Wednesday's trading was centered on charts, however, as bullish participants pushed prices toward the high end of the trading range. Even so, coffee futures remained within recent parameters.
September coffee reached a session and 1 1/2-week top of $1.6810 on the buying interest. Prices could gain further, though strong resistance is expected to develop as coffee nears $1.70 a pound.
"We're still in that trading range from $1.55 up to $1.70," said de la Roche.
A lack of aggressive origin selling in coffee is allowing prices to rise. Only small amounts of selling pressure have been seen from the ongoing Brazilian harvest.
Conditions across Brazil's coffee areas are mostly dry, allowing producers to make rapid harvest progress. The crop is also benefiting from a lack of potentially damaging cold temperatures.
ICE warehouse stocks 3,471 bags to total 2.127 million bags, the exchange reported.
Total open interest on ICE fell 406 to 166,376 contracts.
Volume was pegged at 14,644 contracts traded, with 5,867 calls and 3,489 put
options traded.
ICE Change (cents) Range
Sep $1.6740 up 3.65 $1.6365-$1.6810
Dec $1.6835 up 3.60 $1.6435-$1.6900
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