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Arabica and Robusta coffee rebound

Arabica coffee futures on ICE were slightly higher on Wednesday with the market on track for a third consecutive daily gain.

March arabica coffee rose 0.8% to $1.6925 per lb by 1302.

Dealers said the recent rally was largely technically-d riven and the scope for further gains appeared limited, particularly given the continued rise in exchange stocks.

ICE certified coffee stocks stood at 717,646 bags on Dec. 13, the highest level since July 20 and well above a 23-year low of 382,695 bags set on Nov. 3. There were 346,116 bags pending grading.

March robusta coffee  rose 0.05% to $1,873 a tonne.

Dealers noted the harvest in top robusta producer Vietnam was around 70% complete with further rains adding to concerns about the quality of the crop.

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