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Feb. 15 (Bloomberg) -- Orange-juice futures rose for the first time in seven sessions, as demand rebounded following the longest slump since mid-November. Cotton advanced.
Before today, the price of orange juice had tumbled 19 percent since reaching a record $2.2695 a pound on Jan. 23 as concerns eased that U.S. imports would be limited. On Feb. 9, the U.S. Food and Drug Administration affirmed that domestic orange juice can be “consumed without concerns about its safety.” Futures surged to a record on Jan. 23 after the FDA detained imports to test for carbendazim, a banned fungicide, and as a citrus-greening disease threatened crops in Texas.
“Technically, the market got oversold,” Boyd Cruel, a senior analyst with Vision Financial Markets in Chicago, said in a telephone interview. The commodity “got support around $1.80, March basis. But the volume is very light, it doesn’t take much to move prices.”
Orange juice for March delivery rose 1.2 percent to settle at $1.861 at 2 p.m. on ICE Futures U.S. in New York. The commodity dropped 8.7 percent in the previous six sessions, the longest slump since Nov. 14.
Cotton futures for May delivery rose 0.7 percent to 93.48 cents a pound on ICE, the fourth straight gain. Still, the fiber has plunged 57 percent from a record $2.197 reached on March 7.
--Editors: Thomas Galatola, Daniel Enoch
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