Orange-juice futures rose for the first time in a week on concern that Hurricane Sandy may damage groves in Florida, the world’s second biggest citrus grower. Cocoa, coffee and cotton also gained, while sugar fell.
A tropical-storm watch was issued for the northeast Florida coast from Fernandina Beach southward to north of Flagler Beach, according to an advisory from the National Hurricane Center in Miami. Sandy crossed Jamaica yesterday and Cuba early today, moving almost due north.
“Whenever you have an added uncertainty, it creates risk,” John Ortelle, a vice president at McKeanny-Flavell Co., a broker in Oakland, California, said in an e-mail. “The projected path of the heart of this storm may miss Florida, but you never really know.”
Orange juice for January delivery climbed 1.6 percent to settle at $1.1255 a pound at 2 p.m. on ICE Futures U.S. in New York, the first gain since Oct. 17. The commodity has tumbled 33 percent this year, partly because demand ebbed in the U.S. Brazil is the top grower.
Cocoa futures for December delivery gained 0.1 percent to $2,402 a metric ton in New York.
Arabica-coffee futures for December delivery advanced 0.8 percent to $1.61 a pound on ICE.
Also in New York, cotton futures for December delivery added 0.1 percent to 72.73 cents a pound, the first increase in three sessions. Raw-sugar futures for March delivery dropped 0.8 percent to 19.53 cents a pound.