Cotton Gains Most in Four Weeks; Coffee, Cocoa Advance
Cotton futures gained the most in four weeks on speculation that demand will increase for supplies from the U.S., the world’s biggest exporter. Coffee, cocoa and orange juice climbed, while sugar dropped.
In the week ended Nov. 1, sales of upland cotton from the U.S. more than doubled from a week earlier with increases posted to Turkey, Vietnam, Mexico and China, the world’s top user, the Department of Agriculture said on Nov. 8. The agency will release the latest figures tomorrow.
Cotton for March delivery climbed 1.4 percent to settle at 72.24 cents a pound at 2:33 p.m. on ICE Futures U.S. in New York, the biggest advance for a most-active contract since Oct. 17.
“There is a lot of business being done with Turkey and Pakistan,” Jordan Lea, the chairman of Eastern Trading Co., an exporter in Greenville, South Carolina, said in an e-mail.
Arabica-coffee futures for March delivery gained 0.8 percent to $1.54 a pound in New York. Earlier, the price touched $1.4945, the lowest since June 15, 2010.
Cocoa futures for March delivery advanced 1.1 percent to $2,483 a metric ton. The price climbed for the fifth straight session, the longest rally since late August.
Orange-juice futures for January delivery climbed 3.1 percent to $1.1625 a pound. Earlier, the price reached $1.18, the highest since Oct. 11.
Raw-sugar futures for March delivery fell 1 percent to 19.04 cents a pound.
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