Arabica coffee futures for December delivery closed higher by 50 points on Wednesday at 121.35 cents per
pound after a volatile day. The most active contract for December delivery reached a high of 122.60 early on.
Total traded volume was 23,549 lots. Throughout the session the prices worked themselves into negative territory reaching a low of 118.85 eventually converging to 121.35. Yesterday’s open interest figures suggested that there was short coverings at work during yesterday’s action, decreasing 2,376 lots. On currency news, the Brazilian real recuperated today after the national Energy Giant Petrobras (PBR) announced it would raise fuel prices to combat inflation and the weakening real. The real traded at BRL 3.650 at 4:00 pm EST. On weather news, SOMAR reported a weakening cold front over southeast Brazil, and will not bring widespread rain to inland areas.