Israel Chemicals Rises on Bets Corn Prices to Spur Demand
Israel Chemicals Ltd. (ICL) advanced to the highest level in three weeks as higher corn prices spurred bets demand for fertilizers will increase.
Shares of the company that extracts minerals from the Dead Sea to make fertilizers and potash gained 3.8 percent to 41.30 shekels, the highest since May 16, at the close in Tel Aviv. The benchmark TA-25 Index (TA-25) climbed 1.9 percent.
Corn for July delivery advanced as much as 1.2 percent to $5.935 after surging 3.3 percent yesterday. China’s corn consumption may increase about 3.4 percent in the 2012-2013 marketing year, said Bingzhou Cheng, a director general at China Grain Reserves Corp.
Farmers apply potash, a form of potassium, to their fields to help strengthen plant root systems and make their crops more resistant to drought.
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