Mosaic (MOS) shares surged 5.00% during intraday trading on Wednesday, reflecting strong investor interest in the fertilizer producer.

The rally follows an upgrade from RBC Capital Markets, which raised its rating on Mosaic to "Outperform" from "Sector Perform" while setting a price target of $27. Analyst optimism comes amid a favorable commodity price environment for the company's products.

Mosaic is benefiting from record-high sulfur prices, with the company reporting sulfuric acid prices exceeding $1,200 per metric ton in its recent quarterly results. Sulfuric acid is a critical input for copper refining, and its supply has been constrained by geopolitical tensions in the Middle East affecting the Strait of Hormuz and export restrictions from China. Concurrently, copper futures have reached all-time highs, further highlighting the importance of sulfuric acid in the supply chain and potentially boosting the outlook for Mosaic's related business segment.