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Coffee moves up

NEW YORK: CSCE coffee settled mostly higher in choppy, rangebound trade Friday on light speculative and commission house buying, dealers said.

Dealers said locals - seen on both sides of the market - and light trade selling limited gains.

Most-active July closed 1.50 cents higher at 126.95 cents a lb, after ranging between 127.70 and 124.55. Spot May settled up 2.60 at 127.95 cents and September was 1.50 higher at 125.80, while the remaining months ended 1.50 higher to 0.55 lower.

Traders pegged resistance at 128.00 cents in the July contract, while support was seen at 124.50 cents.

Fundamentally, the market is expected to remain underpinned ahead of the Brazilian frost period, while low world coffee stocks should continue to support prices.

Volume was light at an estimated 4,471 lots, compared to Thursday's official tally of 13,970 lots.-Reuter