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Bloomberg reports that the lockdown of Hubei province in China is curbing diammonium phosphate output, prompting India, the largest DAP buyer, to seek supplies from Saudi Arabia, Jordan, Morocco and the US. Hubei accounts for roughly 60-65% of Chinese phosphate production.
Loss of Chinese DAP supply to India is likely to tighten the global phosphate market and support prices, as alternative producers may not fully replace the volume quickly.
ajot.comBloombergFeb 24, 2020After 107 past neutral events of any kind, Urea moved a median -0.5% over 5 sessions (45% higher; middle half -2.5% to +1.7%), and +0.7% over 20.
Not enough comparable past events yet for a historical read.
After 11 past bullish disease events, DAP moved a median +0.9% over 5 sessions (64% higher; middle half 0.0% to +3.3%), and +2.9% 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.
