ICL Advances Most in Three Months on Increase in Potash Prices
Israel Chemicals Ltd., which extracts minerals from the Dead Sea to make fertilizer, climbed the most in more than three months in Tel Aviv trading after Belarusian Potash Co. increased prices.
ICL gained as much as 4.2 percent, the biggest intraday gain since Nov. 18. The stock traded 3.1 percent higher at 59.36 shekels as of 1:39 p.m.
Belarusian Potash, a distributor for Russian and Belarusian producers, reported a $50 increase in prices for granular potash in Brazil for May to $520 per metric ton cost and freight for larger buyers and $530 for smaller buyers. That compares with April’s $470 for big buyers and $480 for smaller buyers.
“This price increase is supported by unprecedented demand caused by exceptionally healthy crop prices and extremely tight availability of product,” Fertecon Potash Report said Feb 25. “BPC is sold out throughout April of this year.”
To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net.
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net.
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