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India's RCF urea tender drew about 3.6 million tonnes of offers, with the lowest east-coast price at $279.25/t CFR, well above the expected 1.5 to 2 million tonnes. More than half of the tendered supply reportedly came from China, and Dalian urea futures hit the daily limit up to 1,711 yuan/t.
Heavy Indian demand drawing Chinese export supply tightens global urea availability and supports prices. Analysts warn the futures limit-up move may be an overreaction, so the rally could fade.
aminoacidsagrochem.comOct 21, 2020After 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.
India's RCF tender drew heavy offers at $279.25/t CFR, mostly from China, and Dalian urea futures hit limit-up on Oct 21, a bullish price signal that likely carried into the Oct 29 rally, though the timing is a week earlier.
