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Coffee moderately lower

NEW YORK: CSCE arabica coffee was mixed at midday, with selling by day traders keeping the nearby months under pressure, dealers said.

With no fresh fundamental developments to give the market impetus, coffee drifted toward the lower end of the day's trading range. Most commodity funds elected to stay on the sidelines, traders said.

September traded down 0.65 cent a lb, to 146.70, having posted trades from 146.30 to 148.10. December was also off 0.65 cent, to 145.70.

Volume was a scant 3,906 lots as of 1200 EDT.

Earlier Thursday, Brazilian coffee broker Wolthers and Associates lowered its estimate for the 1995/96 coffee crop to 13.15 million bags, against a previous forecast of 13.95 million. The revision brings Wolthers in line with recent Brazilian trade estimates, which have ranged from 13 to 14 million bags.-Reuter