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CSCE coffee

ends firmer

NEW YORK: CSCE arabica coffee ended broadly firmer but failed to break out of its recent trading range ahead of key U.S. warehouse stock data, dealers said.

Coffee rose from 0.50 to 1.50 cents a lb, all but erasing losses posted during the previous session.

Industry sources said the market remained in a holding pattern in anticipation of the Green Coffee Association's monthly stock figures, which they predicted would show a decline of anywhere from 100,000 to 300,000 bags for July.

"The GCA stocks have an exaggerated importance because it's the only event," said one.

Last night's CSCE certified stock data showed a 13,171-drawdown for last week. Although the draw was smaller than expected, traders said the fact that stocks continue to decline during a period when they would typically build offered fundamental support.

September coffee climbed 0.90 cent a lb, to 147.15 cents, after ranging from 144.90 to 147.70. December gained 1.10, to 145.45.

The day's volume was estimated at a moderate 6,951 lots.-Reuter