DJ Market Talk: ICE coffee holds near intraday high on weak USD
31-07-2009
ICE arabica coffee futures are trading off of intraday highs supported by industry and fund buying at lows amid the weak U.S. dollar, says a Miami-based coffee trader.
Sep coffee is up 250 points at $1.2535 a pound, off of the $1.2590 high, and the Dec contract is up 245 points at $1.2840. Sep futures may trade in a $1.24-$1.26 range for the day as the market watches the greenback for cues.
A push above $1.2630 basis Sep, Tuesday’s high, in coming sessions could lead to a test of the $1.30-$1.31 levels where a wave of origin sales is likely, the trader says. It’s unlikely that talk of rain in Brazil is adding significant support, he notes. Liffe Sep robusta coffee is up GBP8 at GBP1,492 a ton.
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DJ Market Talk: ICE coffee holds near intraday high on weak USD
DJ Market Talk: ICE coffee holds near intraday high on weak USD
31-07-2009
ICE arabica coffee futures are trading off of intraday highs supported by industry and fund buying at lows amid the weak U.S. dollar, says a Miami-based coffee trader.
Sep coffee is up 250 points at $1.2535 a pound, off of the $1.2590 high, and the Dec contract is up 245 points at $1.2840. Sep futures may trade in a $1.24-$1.26 range for the day as the market watches the greenback for cues.
A push above $1.2630 basis Sep, Tuesday’s high, in coming sessions could lead to a test of the $1.30-$1.31 levels where a wave of origin sales is likely, the trader says. It’s unlikely that talk of rain in Brazil is adding significant support, he notes. Liffe Sep robusta coffee is up GBP8 at GBP1,492 a ton.