Cotton Rises on U.S. Export Demand; Sugar, Orange Juice Advance
Cotton futures rose as export demand climbed in U.S., the world’s biggest shipper. Sugar gained the most in three weeks. Orange juice and cocoa increased, while coffee dropped.
In the four weeks ended Dec. 6, U.S. export sales of upland cotton increased 82 percent to about 1.4 million running bales from the previous four-week period, according to the Department of Agriculture. Buyers included China, Turkey, Bangladesh and Indonesia. Futures have advanced 7.8 percent from a three month- low of 69.66 cents a pound on Nov. 2.
“Export sales continued to impress,” Peter Egli, a Chicago-based director of risk management for Plexus Cotton Ltd., said in a report. “We had broad-based participation, with no less than 17 markets on the buyers list.”
Cotton for March delivery increased 0.7 percent to settle at 75.09 cents at 2:30 p.m. on ICE Futures U.S. in New York. The price climbed 1.8 percent this week.
A running bale weighs 500 pounds, or 227 kilograms.
Raw-sugar futures for March delivery climbed 2.5 percent to 19.01 cents a pound in New York, the biggest gain for a most- active contract since Nov. 19. The price dropped 1 percent this week.
Orange-juice futures for March delivery climbed 0.5 percent to $1.3815 a pound. This week, the price jumped 11 percent, the most since Jan. 20.
Cocoa futures for March delivery rose 0.5 percent to $2,435 a metric ton. The price rose 1 percent this week.
Arabica-coffee futures for March delivery dropped 0.3 percent to $1.4315 a pound. This week, the commodity slumped 7 percent, the most since July 27.
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