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CSCE coffee closes mixed

NEW YORK: CSCE arabica coffee ended mixed Friday, as light profit taking weighed on the nearby months while the deferreds posted modest gains, dealers said.

Some light scale-down roaster buying offered support throughout the session, but many players were content to stay on the sidelines Friday.

Analysts said the market's ability to hold above 145.00 cents for the previous two sessions was a bullish sign, but sustained roaster buying was needed to take the market through key resistance at 150.00 cents.

"It's more likely to be gearing up for a bullish move than a fall," said Refo Inc softs analysts Ann Prendergast. "The real question is do the roasters have to go in?"

If roasters are able to get by with their existing stocks until the new crop arrives on the market in October, she explained, a fresh downtrend could emerge.

September eased 0.05 cent a lb, to 146.95 cents, with trades posted from 145.40 to 147.75. December also fell 0.05, to 145.30, while the deferreds were down 0.05 to up 0.90.

Volume was estimated at a light 5,034 lots.-Reuter