Cotton rose the most in a week as signs of progress by European governments to ease their debt crisis bolstered prospects for global economic growth and demand for some commodities. Orange juice also gained.
Global equities rose, the euro strengthened, and most raw materials gained after countries in Europe agreed to tighter budget controls and Greece made progress on debt talks with creditors. Gains in wheat, crude oil and cocoa led a gain of as much as 1.6 percent in the Standard & Poor’s GSCI Spot Index.
“We are getting some help from outside markets,” Sharon Johnson, a senior analyst at Penson Futures in Atlanta, said in a telephone interview.
Cotton futures for March delivery climbed 0.3 percent to 94.4 cents a pound by 10:24 a.m. on ICE Futures U.S. in New York, which would be the biggest gain since Jan. 23. Before today, the price was up 2.6 percent since the end of December, heading for the biggest monthly gain since August. The fiber plunged 37 percent in 2011.
Orange-juice futures for March delivery advanced 0.5 percent to $2.108 a pound on ICE. Before today, the price surged 24 percent in January, heading for the biggest monthly rally since October 2009. On Jan. 23, the contract touched a record $2.2695.