ICE Coffee Futures End With Little Change After Choppy Session by FC Stone

Arabica coffee futures for December delivery closed higher by 50 points on Wednesday at 121.35 cents per
pound after a volatile day. The most active contract for December delivery reached a high of 122.60 early on.
Total  traded  volume  was  23,549  lots.  Throughout  the  session  the  prices  worked  themselves  into  negative territory reaching a low of 118.85 eventually converging to 121.35. Yesterday’s open interest figures suggested that there was short coverings at work during yesterday’s action, decreasing 2,376 lots. On currency news, the Brazilian real recuperated today after the national Energy Giant Petrobras (PBR) announced it would raise fuel prices to combat inflation and the weakening real. The real traded at BRL 3.650 at 4:00 pm EST. On weather news,  SOMAR  reported  a  weakening  cold  front  over  southeast  Brazil,  and  will  not  bring  widespread  rain  to inland areas.