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Coffee firmer

NEW YORK: CSCE arabica coffee futures were sharply firmer on light volume at midday, boosted by short covering and good roaster buying interest, dealers said. September coffee traded up 3.80 cents a lb as of 1215 EDT, to 145.80 cents, after ranging from 141.00 to 147.25. Second-month December was up 3.30 cents, to 144.30. Traders said light buy stops were hit at 143.00 for September. Roasters have for the most part stayed on the sidelines in recent days, hoping for a sharp swing to the downside. But views the market may have exhausted its downside potential in the near-term brought in a few bargain-hunters early today. Enthusiasm from the roaster sector could help to shore up the market's technical picture, which had turned steadily bearish in recent days, analysts said. "If the market can hang around at these levels a little longer, it can start to form an intermediate technical base," said Merrill Lynch analyst William O'Neill.-Reuter