Arabica Coffee futures for December delivery settled 10 points lower at 114.25 cents per pound,
while the March delivery contract gained 5 points settling at 118.25 cents per pound. After a slight
gain in the morning, origin price fixing against December delivery slowed the upward movement.
The active switch between December and March continued to widen today, settling at -4.05 cents.
Aging discounts make carryover inventories more expensive for the March position. The activity
remained high, with volume reaching 43,611 lots including 12,389 switches. A large number of AAs
could reflect repo operations. In other news, currencies maintained firm during the session,
supported by higher emerging market equities.
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