Arabica coffee fell after its advance to the highest level in almost 10 years

Arabica coffee futures on ICE were lower Monday as the market suffered a setback after its recent strong advance to the highest level in almost 10 years

* March arabica coffee KCc2 fell 1.8% to $2.2915 per lb by 1530 GMT. The market climbed to $2.3955 on Friday – its highest in nearly 10 years.

* Dealers said the market may suffer a short-term setback after its recent strong advance but the mood remained bullish, with exchange stocks falling and producers in Brazil reluctant to sell.

* “The rejection of prices at $2.40 could set the scene for lower prices towards $2.20 in the near term, however, if prices hold above $2.00, momentum will remain on the upside,” Sucden Financial said in a note on market technicals.

* January robusta coffee fell 0.8% to $2,227 a tonne.