Equities and commodities rallied after the European Central Bank unexpectedly cut interest rates and the region’s leaders increased pressure on Greece to accept a bailout. The Standard & Poor’s GSCI Index of 24 raw materials headed for a second straight gain, led by wheat, soybeans and gold. The index fell on Nov. 1 to the lowest in more than a week.
“A lot of the bad news has already been factored into prices after the declines we’ve seen recently, and so it takes only a little bit of good news to get people buying again,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. “You’re going to see a lot more fund money coming in.”
Arabica coffee for December delivery rose 1 percent to $2.2615 a pound at 10:56 a.m. on ICE Futures U.S. in New York. A close at that price would mark the biggest gain since Oct. 24. The commodity fell 21 percent from the end of August through last month.
Raw-sugar futures for March delivery advanced 1 percent to 25.68 cents a pound in New York, heading for the biggest gain since Oct. 27. Before today, prices fell 1.4 percent this month.
Sugar shipments to China, the world’s second-largest consumer, may be higher than analysts forecast, according to Newedge Group, the largest U.S. sugar-futures broker. While most analysts estimate imports for the 2011-2012 marketing year at about 2.5 million tons, a rate of import growth similar to the past two years would boost the figure to 2.97 million, Michael McDougall, a senior vice president at New York-based Newedge, said in a report. For the latest updates PRESS CTR + D or visit Stock Market news Today
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