The Standard & Poor’s GSCI gauge of 24 commodities jumped 1.3 percent to 670.89 at 4:58 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 1.2 percent at 1,570.452.
SOFT COMMODITIES
Orange-juice futures rose the most in five years on speculation that Florida’s orange crop, the world’s second biggest, sustained more damage than originally estimated last week from frigid weather. Orange juice for March delivery jumped the 20-cent exchange limit, or 11 percent, to $2.0775 a pound on ICE Futures U.S. in New York, the highest price since March 2007. A close at that level would be the biggest gain since October 2006 and leave the commodity up 23 percent for the month of January. Cocoa jumped in New York, heading for the biggest two-day gain in seven years, after a nationwide strike in Nigeria, the world’s fourth largest producer, added to speculation supplies will be disrupted. Raw sugar declined. Cocoa for March delivery rose 5.3 percent to $2,284 a metric ton on ICE Futures U.S. in New York. The two-day gain would be the biggest since November 2004. Cocoa for March delivery climbed 5.6 percent to 1,508 pounds ($2,332) a ton on NYSE Liffe in London.
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