Arabica Hits 3-1/2 months High and slips

Arabica Coffee on ICE Hits 3-1/2 month highs and slips again on Thursday.

On Wednesday close, Arabica coffee was up 1.8% to end at $1.4035 a pound on the ICE Futures ,its highest close in 3 1/2 months.

Dealers said, This resume in Arabica climb is due producers like Brazil the world’s largest coffee producer, are waiting for coffee prices to touch 500 reais ($160.27) a bag before they are willing to sell.

On Wednesday close, September robusta coffee also settled up $35, or 1.7 percent, at $2,145 per tonne.

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