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Urea prices in Indonesia rose while the international market weighed a possible Chinese urea export tax. Speculation about the tax has pushed Chinese July futures below their earlier highs.
India has launched a fresh urea tender for August shipment.
A Chinese export tax would cut a major source of global urea supply during India's peak buying months, which could lift prices. Traders are already moving product to bonded storage in anticipation.
profercy.comChris YearsleyJun 18, 2021After 176 past bullish trade events, Urea moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +2.4%), and +1.6% 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.
