The Arabica contract for May delivery closed higher 350 points, or 1.84%, at 193.35 cents a pound. The session was dominated by short-term players, who were forced to cover previous sales that they had made in anticipation of a more aggressive return of Brazil to the market after the carnival holiday. Brazil's currency opened
lower after noon but recovered to end slightly higher Technical strength continued to attract good speculative buying, however with oscillators showing a high overbought condition, the market is very vulnerable for a correction. Certified stocks fell 17,106 bags to a total of 814,966 bags. Those pending classification remain at 0. Only one lot was presented for delivery last night against the March position. To date the total reaches 572 lots, however this number includes re-deliveries, estimating that only a total of 300 lots have been delivered.
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