Arabica coffee futures closed higher Thursday on speculative buying induced by technical factors. The
most active contract for December delivery settled 120 points higher at 119.55 cents a pound. Activity
remained modest with volume of 22,259 lots, including 5,017 switches. Lack of follow- through after
yesterday sell-off, and a bullish divergence of the RSI ( a popular momentum indicator) encouraged
the spec buying. The real recovered to unchanged , after posting new lows of BRL 3.81 per $1 early.
The currency climbed for the first time in five days, on speculation that the finance minister Levy will
continue to have the president support. The peso also recovered more than 600 points, trading
at COP3,111.03 at 3:45 pm EST.
Leave a Reply.