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Norway announced a large phosphate deposit estimated at at least 70 billion tonnes, close to the 71 billion tonnes of confirmed global reserves. The European Commission welcomed the find as a way to reduce EU dependence on foreign suppliers such as Morocco.
Morocco's OCP responded with a Dh130 billion investment programme for 2023-2027.
A major new reserve is a long-term bearish factor for phosphate rock pricing, though the deposit is 4,500 metres deep and years from production. The OCP expansion signals Morocco will keep adding supply, which limits upside in phosphate prices.
atalayar.comMarta DorgambideJul 9, 2023Not enough comparable past events yet for a historical read.
After 126 past geopolitics events, DAP moved a median 0.0% over 5 sessions (48% higher; middle half -0.7% to +1.2%), and +0.2% 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.
