Coffee prices today - Arabica coffee futures prices september 11 2012 : U.S. soft futures were mixed during early U.S. morning trade on Tuesday, with coffee prices climbing to a five-week high as traders continued to close out bets on lower prices after futures moved into oversold territory.
On the ICE Futures U.S. Exchange, Arabica coffee for December delivery traded at USD1.7753 a pound, surging 2.2%. It earlier rose by as much as 2.25% to hit a session high of USD1.7757 a pound, the strongest level since August 6.
December coffee prices rallied nearly 7% on Monday, the biggest one-day gain in more than three years, as market players closed out bets that prices would fall as they begin to look ahead to next season's crop.
The short covering spree continued in to Tuesday’s session, as technical traders said the market was oversold and due for a technical bounce.
December coffee prices touched a two-and-a-half-month low of USD1.5560 a pound on September 6.
Coffee prices have been under pressure in recent weeks, as receding concerns over the impact of adverse weather conditions on crops in key growing regions in Brazil dampened the appeal of the commodity.
The Brazilian Arabica harvest is now in its final stages. Brazil is the world’s largest producer and exporter of Arabica coffee. Arabica is grown mainly in Latin America and brewed by specialty companies.
On the ICE Futures U.S. Exchange, Arabica coffee for December delivery traded at USD1.7753 a pound, surging 2.2%. It earlier rose by as much as 2.25% to hit a session high of USD1.7757 a pound, the strongest level since August 6.
December coffee prices rallied nearly 7% on Monday, the biggest one-day gain in more than three years, as market players closed out bets that prices would fall as they begin to look ahead to next season's crop.
The short covering spree continued in to Tuesday’s session, as technical traders said the market was oversold and due for a technical bounce.
December coffee prices touched a two-and-a-half-month low of USD1.5560 a pound on September 6.
Coffee prices have been under pressure in recent weeks, as receding concerns over the impact of adverse weather conditions on crops in key growing regions in Brazil dampened the appeal of the commodity.
The Brazilian Arabica harvest is now in its final stages. Brazil is the world’s largest producer and exporter of Arabica coffee. Arabica is grown mainly in Latin America and brewed by specialty companies.
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