Fertilizer makers jumped after Hamas’ surprise attack on Israel raised concerns over how the conflict could impact global supplies of nutrients used to grow crucial food crops.
Israel’s Port of Ashdod, just north of Gaza and a key hub for the country’s potash fertilizer exports, is in emergency mode amid the deadly conflict. That’s putting as much as 3% of global potash supply at possible risk, Ben Isaacson, a Scotiabank analyst, said in a note Monday.
Nutrien Ltd., the world’s biggest potash maker, rose as much as 4.2%, the most since July. CF Industries Holdings Inc., the leading nitrogen producer, gained as much as 6.2%, the most in more than a month. Mosaic Co., climbed as much as 6.7%, the stock’s biggest intraday gain in almost a year.
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