coffee prices today - Arabica coffee futures closed sept 11 2012 : Arabica coffee futures closed higher for a third straight session on Tuesday as speculative short covering offset tentative producer selling triggered when prices hit six-week highs of $1.8 per lb.
* Benchmark December arabica futures on ICE jumped more than 3.5 percent to a six-week high of $1.8 per lb.
* Origin selling pushed prices off those highs to settle at $1.7755 per lb, up 2.2 percent, on above-average volume. Gains followed an almost 7-percent rally on Monday.
* Small stops came in at $1.75 per lb, which coupled with fund support encouraged day traders and small specs to probe higher with $1.80-1.82 in their sights, Sucden's Nick Penney
said.
* "The rally was met with good origin and trade selling and only 156 lots traded there," Penney said.
* Traders had expected producer hedging to resume after the rally, which took prices up 15 percent over three days.
* "When prices in New York are sitting at $1.8 and the differentials are 7 cents under, it suggests it offers a good opportunity for (Brazilian) selling," said Keith Flury, senior
commodity analyst at Rabobank.
* The three-day short covering rally is coffee's biggest since June 2010 when the market was just starting its long climb to record highs above $3 per lb.
* The gross speculative short position revealed in Friday's data would represent than 10 percent of 2011/12 global coffee production, which the International Coffee Organization (ICO)
pegged at 132.7 million 60-kg bags.
* Open interest dropped by 345 lots to 144,592 lots, reflecting the extent of the short covering.
* Coffee exports from El Salvador fell to 49,166 60-kilogram bags, or a 37 percent decline, in August compared with the same month last year, the national coffee council CSC said.
* The top price of Kenya's benchmark grade AA coffee fell to $302 per bag at this week's auction from $312 fetched at the previous sale on quality fears although volumes increased.
* Vietnam's coffee sales could slow next month at the start of the new harvest due to thin supply, partly because many xporters have struggled to secure loans. Also, farmers have been under little pressure to sell thanks to strong prices since 2011, traders said.
* Benchmark December arabica futures on ICE jumped more than 3.5 percent to a six-week high of $1.8 per lb.
* Origin selling pushed prices off those highs to settle at $1.7755 per lb, up 2.2 percent, on above-average volume. Gains followed an almost 7-percent rally on Monday.
* Small stops came in at $1.75 per lb, which coupled with fund support encouraged day traders and small specs to probe higher with $1.80-1.82 in their sights, Sucden's Nick Penney
said.
* "The rally was met with good origin and trade selling and only 156 lots traded there," Penney said.
* Traders had expected producer hedging to resume after the rally, which took prices up 15 percent over three days.
* "When prices in New York are sitting at $1.8 and the differentials are 7 cents under, it suggests it offers a good opportunity for (Brazilian) selling," said Keith Flury, senior
commodity analyst at Rabobank.
* The three-day short covering rally is coffee's biggest since June 2010 when the market was just starting its long climb to record highs above $3 per lb.
* The gross speculative short position revealed in Friday's data would represent than 10 percent of 2011/12 global coffee production, which the International Coffee Organization (ICO)
pegged at 132.7 million 60-kg bags.
* Open interest dropped by 345 lots to 144,592 lots, reflecting the extent of the short covering.
* Coffee exports from El Salvador fell to 49,166 60-kilogram bags, or a 37 percent decline, in August compared with the same month last year, the national coffee council CSC said.
* The top price of Kenya's benchmark grade AA coffee fell to $302 per bag at this week's auction from $312 fetched at the previous sale on quality fears although volumes increased.
* Vietnam's coffee sales could slow next month at the start of the new harvest due to thin supply, partly because many xporters have struggled to secure loans. Also, farmers have been under little pressure to sell thanks to strong prices since 2011, traders said.
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