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India's total fertilizer offtake fell 6.7% year on year to about 348 thousand tonnes in September 2019, with nitrogen down 11.8% and potash down 31.9%, while phosphate rose 10.1%. Urea and DAP prices rose 4.4% to 5.4% and 1.6% respectively over August, and cumulative Kharif offtake was up 5.7%.
Rising urea and DAP prices in India, a large importer, tighten global phosphate and nitrogen supply and support prices. The sharp fall in potash offtake signals weaker Indian potash demand, which is bearish for that market.
mettisglobal.newsMG NewsOct 28, 2019After 76 past bullish report events, Urea moved a median 0.0% over 5 sessions (49% higher; middle half -2.2% to +2.9%), and -0.3% over 20.
After 66 past bullish report events, DAP moved a median 0.0% over 5 sessions (41% higher; middle half -0.6% to +0.7%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
