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Futures Review: Arabica futures rise to 5-week high

Arabica prices on ICE touched a 5-week high before paring gains. 

March arabica coffee settled up 0.25 cent, or 0.2 percent, at $1.053 per lb after touching a five-week peak of $1.0685. Prices were supported by the stronger Brazilian currency, which has firmed significantly over the past two weeks, dealers said. A firmer Brazilian real discourages producer selling in the top grower by reducing local currency returns on dollar-traded commodities such as coffee and sugar.

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March robusta coffee settled down $21, or 1.4 percent, at $1,535 per tonne. Dealers were anticipating a pick-up in selling out of top robusta producer Vietnam ahead of the annual Tet festival early next month. 

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