Sept. 10 (Bloomberg) -- Cotton futures rose the most in three weeks on speculation that demand will increase in China, the world’s biggest importer. Sugar and cocoa gained, while coffee and orange juice fell.
Industrial output in China expanded at the fastest pace in 17 months in August, and the broadest measure of new credit almost doubled from July, signaling the economy is rebounding. On Aug. 12, the U.S. Department of Agriculture said the Asian nation’s cotton imports will tumble 46 percent in the 12 months that started Aug. 1 from a year earlier.
“China’s economic data is helping ideas that demand there will be better than thought,” Jack Scoville, a vice president for Price Futures Group in Chicago, said in a telephone interview.
Cotton for December delivery climbed 1.2 percent to settle at 84.47 cents a pound at 2:30 p.m. on ICE Futures U.S. in New York, the biggest advance for a most-active contract since Aug. 16.
Raw-sugar futures for October delivery gained 1 percent to 17.18 cents a pound. Earlier, the price reached 17.2 cents, the highest since Aug. 16. Trading more than doubled compared with the average in the past 100 days, according to data compiled by Bloomberg.
Output in Brazil’s Center South fell 3.7 percent to 3.21 million metric tons in the second half of August from a year earlier, Unica, an industry group, said today.
Brazil is the top producer, and the Center South is the biggest growing region.
Cocoa futures for December delivery rose 0.6 percent to $2,570 a metric ton on ICE.
Arabica-coffee futures for December delivery fell 1.2 percent to $1.1665 a pound.
Orange-juice futures for November delivery dropped 0.3 percent $1.37 a pound.
--With assistance from Lucia Kassai in Sao Paulo and Luzi Ann Javier in New York. Editors: Patrick McKiernan, Thomas Galatola