The Arabica market accreted 65 points to settle 96.75 basis July, trading in a 135 point range amidst lackluster outright transactions. A firmer BRL ($R 3.82), helped keep coffee prices stable as Brazil’s annual inflation was reported to jump to the highest in more than two years on rising food and transportation costs. May/July steadily changed hands 18,585 times between 250 and 240 under on day 4 of the index roll. Open interest in May stood at 90,442 lots entering the day, as the contract with the highest open interest shifted to July, 3 days before May option expiry. May/July London traded 9,266 times and fell to 29 under, its widest active level, while the July contract traded a double bottom (1439), with yesterday’s low and settled with a $10 gain at 1452 MT.
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