NEW YORK – Arabica coffee futures in New York set back from highs met early in the day, pressured by technical resistance following a four-day rally. Dealers said short-covering lost momentum when prices neared a technical resistance around the 140 cents/lb mark.
The most active contract for September delivery fell 140 points or 1% to 137.85 cents after hitting $1.3955, the spot contract’s highest since April 20.
“The upside is going to be limited,” said one dealer. “There isn’t a supply issue at the moment. And the shorts don’t have a great deal left to cover.”
Robusta futures in London were also lower, reflecting the declines in the Arabica market
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