Coffee Futures Prices Today - Arabica coffee futures on ICE jumped to a more than three-week high on Friday on short-covering, as raw sugar futures slipped to a 6-1/2-year low after hitting chart resistance. Cocoa futures recovered from mid-May lows.
Chart-based buying and lower expectations for the crop in top arabica grower Brazil sent the benchmark September contract on ICE Futures U.S. rallying more than 3 percent as high as $1.2885 per lb.
Prices closed up 3.55 cents, or 2.9 percent, at $1.278 and saw a second straight weekly gain.Brazil's coffee council on Friday said it expects the 2015 coffee crop to be around 40 million bags after dry conditions led to smaller beans.
As the crop is being harvested, a lot more of forecasters are lowing their outlooks," said Nick Gentile, managing partner of commodity trading advisor NickJen Capital in New York.
Risk of shorter supplies and chart support around the $1.20 level had speculators beginning to cover some of a large bearish stance in coffee, he said.Producers were said to be holding off selling, fueling the gains.
September robusta futures rose $21, or 1.3 percent, to settle at $1,661 a tonne, climbing further from Monday's two-month low.
Prices have touched fresh lows this week because a weak Brazilian real weighed. The currency's losses encourage selling of the dollar-traded commodity in the world's largest producer and exporter.
Traders broadly expected an industry report due next week to show the harvest pace in Brazil has picked up after drier weather.
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