NY COFFEE FUTURES CLOSE HIGHER
N.Y. coffee futures closed higher again
today on trade talk Brazil would not be an aggressive seller
near term, analysts said.
    In addition, roaster demand emerged in some forward
deliveries, while earlier trade selling around the 102.50 cent
level in the May retreated. May closed 2.21 cents higher at
104.25 cents, its highest close since March 30.
    Analysts said the market has now fully discounted the fact
that there most likely will not be fresh ICO coffee quota talks
until September. "It's now starting to focus more on the day to
day, a possibly oversold condition, and some roaster interest,"
one analyst said.
    Estimated volume was 3,605 contracts.
    July was up 2.25 cents at 106.25 cents.
 Reuter
