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CSCE coffee settles higher in rangebound trade

NEW YORK: CSCE arabica coffee settled modestly higher and traded in a narrow range Tuesday, as light trade buying lifted prices, dealers said.

"People were just playing the range between 114.00 and 117.00 (cents a lb basis May)," one trader said, adding that the market appeared to consolidate after four consecutive sessions of losses and may have found a bottom.

Most-active May ended 1.35 cents a lb higher at 115.85 cents a lb, traded from 116.40 to 114.50. July ended up 1.00 at 115.25, while the back months closed 0.85 to 1.10 firmer.

Volume was estimated at 6,708 lots, down from Monday's very heavy official turnover of 8,848 lots.-Reuter