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Urea prices have kept falling after India cut its import purchases, with Middle East FOB levels near USD 280/tonne and CFR Australia around USD 320/tonne. Traders are watching whether China resumes exports, and US NOLA prices have also dropped sharply.
Reduced Indian demand combined with the seasonal northern summer lull points to continued weakness in urea prices. Any Chinese export return would add supply and reinforce the downward trend.
czapp.comStein Chingen HauganApr 21, 2024After 81 past bearish trade events, Urea moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
