960405

Coffee settles mixed in uneventful trade

NEW YORK: CSCE arabica coffee narrowly mixed and in the middle of the session's range in dull trade Thursday.

"The market tried to move higher, there was no follow through and people bailed," one trader said. "Then they tried the other way, no follow through and people bailed."

Most-active May ended 0.10 cents a lb lower at 115.25 cents a lb, traded from 117.20 to 113.60. July ended up 0.05 at 115.10, while the back months closed unchanged to 1.75 firmer.

The CSCE May options expired after the close Thurday, with 115.00 cent a lb puts just out-of-the-money.

Volume was estimated at 8,313 lots, up from Wednesday's official turnover of 5,952 lots.

PHYSICAL COFFEE

NEW YORK: New York physical coffee business remained sporadic this week as roasters stuck to the sidelines ahead of the three-day Easter weekend, dealers said.

"Roasters are just buying coffee when they absolutely need it," one dealer said. "They are reluctant to pay up differentially."

Weakening Brazilian differentials failed to tempt buyers, who still view the beans as unattractively expensive. A parcel of Santos strictly-soft 2/3's was heard done at around 25-26 cents over May, compared with 32 cents two weeks ago. Offers for Santos 4's, however, were still heard about 23 cents over.

For later delivery, by comparison, Santos strictly-soft 2/3's for September-December delivery were offered equal to the CSCE September futures contract.

Colombian beans remained in short supply and few prompt sales were heard at current pricey levels. This week, a spot parcel of Colombian Supremos changed hands for 28 cents over "C" spot delivery ex-warehouse.

A parcel of Colombian MAMs for May/June delivery was quoted at 15 cents over "C", while very prompt sales were still able to garner a 17-cent premium to the May contract, traders said.-Reuter