ICE Coffee Futures Consolidate Higher

Arabica coffee futures closed modestly higher Thursday. The active contract for May delivery settled 30 points higher at 140.25 cents a pound. Activity was low with volume reaching 22,011 lots , including 6,348 switches. Commodity and equity markets were mixed today, with crude oil recovering more than $2 to $51 per barrel, and the gold prices advancing $7.80 to $1,204.80 a troy ounce. Concerns about the situation in the Middle East encouraged the speculative buying. On the soft complex, sugar and cacao continue to fall. Technically, coffee prices are consolidating after the recent bounce. Support and resistance are at 136.00 and 145.50 respectively.
London Market - Close to 80% of today’s volume in London was spread related with the K/N weakening to -28 as industry paper longs were rolled down the board in an attempt from origin to further delay fixing amid disappointing price action. London has remained at the mercy of New York without a clear direction, suffering more influence from macro trends than from fundamentals, despite an increasing number of bullish accounts from Brazil. Activity in Robusta options saw an uptick in today’s session with July Calls above the 1900 level trading decent volume (1000 lots). The July 1700 put traded 1,025 times at $34.