950811

Coffee ens

firmer

LONDON: Coffee futures were firmer at midday but below resistance of $2,683 on industry fixing and some trade buying, with most activity concentrated on the September/November spread.

"It looks quietly bullish and prices are creeping higher... it is in a gentle minor bull trend," said one trader.

At the midday close the front-month September contract was up $6 at $2,790 and at a $121 premium over the second-month November contract.

At midday, however, the spread had narrowed $25 a tonne from $146 a tonne at the close on Thursday.

The second-month November contract was up $31 at $2,669 at midday and in a volume of 545 lots.

Total volume on the exchange reached 1,059 lots and included 193 crosses.

"Overall, the performance was better than expected but it is still lacking full confidence," said another.-Reuter