Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cotton Rises to Five-Week High; Cocoa, Sugar, Coffee Gain

Nov. 29 (Bloomberg) -- Cotton rose to a five-week high on optimism that U.S. lawmakers will reach a budget accord, avoiding a fiscal cliff that would hurt the economy and cut commodity use. Cocoa, sugar, coffee and orange juice gained.

The world economy is in its best shape in 18 months as China’s prospects improve and the U.S. seeks to avoid the tax increases and spending cuts known as the fiscal cliff, according to the Bloomberg Global Poll of investors. The Standard & Poor’s GSCI Spot Index of 24 raw materials rose for the first time in four days.

“There is a certain amount of optimism that’s causing people to buy all commodities,” Sid Love, the president of Joe Kropf & Sid Love Consulting in Overland Park, Kansas, said in a telephone interview. “We will see support in the market until speculators decide to bail out again.”

Cotton for March delivery climbed 1 percent to settle at 73.35 cents a pound at 2:29 p.m. on ICE Futures U.S. in New York. Earlier, the price reached 73.98 cents, the highest for a most-active contract since Oct. 24.

The fiber has dropped 20 percent this year as global inventories swelled.

Cocoa futures for March delivery climbed 1.3 percent to $2,491 a metric ton on ICE.

Raw-sugar futures for March delivery rose 0.9 percent to 19.34 cents a pound.

Arabica-coffee futures for March delivery advanced 1 percent to $1.564 a pound.

Orange-juice futures for January delivery increased 0.7 percent to $1.241 a pound.

To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.