Arabica coffee futures extended the gains Monday on continued spec short covering. The most active contract for July delivery settled 255 points at 135.85 cents a pound. Volume was 20,000 lots, including 1,894 switches. Markets in many countries were closed today, contributing to the light activity. The short covering was induced by the last COT report published Friday, that showed funds holding a net short position of more than 27,000 lots, after adding more than 11,000 short positions until last Tuesday. Commodity markets were mixed with crude oil down $0.54 to $49.08 per barrel. Cocoa drop as news short players remained entering in the market, Raw sugar rose 0.3 % to end at 16.18 cents. The FED will announce decision on interest rates Wednesday. Some analysts are anticipating no changes.
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