New throughout, updates prices, market activity and comments
NEW YORK/LONDON, July 18 (Reuters) – Arabica coffee futures on ICE closed nearly 8% higher on Monday as the market partly recovered from a 9-month low hit late last week amid consumer buying and a return of fund investment.
The dollar fell after several Federal Reserve officials signalled they did not favour stepping up the pace of rate hikes. FRX/
* September arabica coffee KCc2 jumped 15.4 cents, or 7.7%, at $2.152 per lb, rebounding from a nine-month low of $1.9460 set on Friday.
* Dealers said the market had become technically oversold after its recent sharp drop, while the current low level of exchange certified stocks also remained a supportive influence.
* “In a week that had no real fundamental news, we fell roughly 25 cents. Roasters finally added decent coverage,” said a U.S. broker, adding that trade houses were also buyers.
* Coffee analyst Ryan Delany said green coffee stocks data for the U.S. on Friday was also supportive, since the market expected a larger increase.
* September robusta coffee LRCc2 rose $69, or 3.6%, at $1,992 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Aditya Soni, Shailesh Kuber and Krishna Chandra Eluri)
(Source: https://www.nasdaq.com/articles/softs-new-york-coffee-jumps-nearly-8-on-weaker-dollar-roaster-buying )