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Israel Chemicals Gains Most in Month on Corn Prices, Europe

Nov. 28 (Bloomberg) -- Israel Chemicals Ltd., the company that extracts minerals from the Dead Sea to make fertilizer and potash, advanced the most in a month after corn futures rose on speculation demand will increase.

The shares gained 3.6 percent, the biggest intraday jump since Oct. 27, to 39.37 shekels at 2:52 p.m. in Tel Aviv. Israel’s benchmark TA-25 Index was up 2.3 percent. Israel Corp., which has a 52.3 stake in ICL according to Bloomberg data, rallied the most since July 2009, soaring 9.1 percent to 2,373 shekels.

Commodities climbed, rebounding from two weeks of losses, amid speculation that European policy makers are taking steps to stem the debt crisis and as America’s Thanksgiving retail sales jumped to a record. Corn for March delivery climbed as much as 2.2 percent to $6.03 a bushel today.

Export sales of corn from the U.S., the largest grower and exporter, climbed to 349,982 tons in the week to Nov. 17 from 208,948 tons a week earlier, the U.S. Department of Agriculture said in a Nov. 25 report.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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