Robusta and Arabica futures down under pressure
Robusta and Arabica coffee was down under pressure
* May robusta coffee was down $6, or 0.35 percent, at $1,723 a tonne.
* Dealers said industry buying has helped the market rebound from a low last week of $1,671, the weakest for the second month since June 2016.
* They noted the rally had run out of steam before mounting a challenge to major resistance around the 40-day and 100-day moving averages which have been converging around $1,753.
* “We anticipate prices to remain under pressure today,” said Sucden Financial technical analyst Geordie Wilkes.
* May arabica coffee was down 0.05 cent, or 0.04 percent, at $1.1770 per lb.
Copyright Reuters, 2018
