March 12-(15:20 ET)-May coffee futures closed higher in slow and uneventful action inside a 265-point range. Specs dominated most of the trading.
Buying was prompted by the large gains posted in the London market.
Prices in London finished once again above the $2,600 per ton mark and an inverted market pattern is developing there.
A market is called inverted when prices of nearby deliveries are higher than the following contracts and is usually a sign of supply tightness.
The N.Y. market announced a temporary change in the opening time from 1:30ET to 2:30ET from March 10 to March 28.
The May contract settled 190 points higher at $1.5395.
The July contract settled 195 points higher at $1.5855.
The May contract last traded 295 points higher at $1.5500 trading in a range between $1.5245 and $1.5515.
The July contract last traded 305 points higher at $1.5750 trading in a range between $1.5500 and $1.5750.
The balance of contracts last traded 305 points higher to 210 points higher.
The kck8/kcn8 spread last traded 10 points lower at minus 250.
The kcn8/kcu8 spread last traded 20 points higher at minus 195.
Total estimated volume for today was of 16,369 contracts traded.
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