ICE Coffee Market Gains Ground by FC Stone

Arabica Coffee Futures for March delivery settled 180 points higher at 120.95 cents per pound after reaching highs of 121.40 cents per pound. Open interest figures reveal that 3,751 new positions entered the market yesterday, and judging  on  price  action,  it  suggests  new  longs.  The  markets  traded  higher  on  the  back  of  the  recovery  of  the commodity sector, fueled by optimism on demand growth from the Chinese economic stimulus package. Volume was comparable to yesterday’s, trading only 14,482 lots with 2,336 switches. Japanese Coffee Stocks totaled 197,625 tons
end-October, showing a decrease from the record 202,411 tons end-August, yet it did not seem to have a significant
impact on price action. The market seems to be moved by speculative technical action, due to lack of fundamental
news and holiday industry slowdown.
 
The market will close at 1:05 pm EST tomorrow, and will be closed all day on December 25th, 2015.