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Coffee slightly firmer

NEW YORK: CSCE arabica coffee futures were a bit firmer in thin midday dealings Monday, with activity mainly centered on technical adjustments by day traders, industry sources said.

With the London markets closed for a bank holiday, many major players elected to wait out today's session on the sidelines. Prices held within a narrow range, avoiding technical support and resistance levels.

The most active December position was up 0.60 cent a lb as of 1211 EDT, to 156.45. Trades were posted from 155.60 to 157.35. Speculative buy stops were placed above 157.50 and 158.00, while chart support was pegged at 154.50 and then at 150.00.

Spot September was up 0.50 cent, to 154.10, while next year's March position was up 0.55, to 154.10.

Traders said that after last week's strong showing, a modest sell off today would not do lasting damage to the market's technical outlook.-Reuter