DJ Market Talk: ICE coffee holds near unch guided by charts, USD

05-10-2009

ICE arabica coffee futures are trading near unchanged with underlying support from technical factors and the weak U.S. dollar.

Most-active Dec coffee is down 5 points at $1.2965 a metric ton and the March contract is 15 points lower at $1.3250. “Coffee is trying to keep last week’s positive momentum, technically pointing higher as long as it holds above $1.2790” basis Dec, says Rodrigo Costa, vice president of institutional sales at Newedge USA in New York. Origin selling and roaster buying are very light, he notes. Liffe Nov robusta coffee is down $8 at $1,375 a ton. (HEH)