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India's latest urea tender reportedly bought about 1.8M tonnes, one of the largest awards ever, bringing its second-half 2019 purchases to 5.5M tonnes. Chinese producers have supplied more than in 2018, and North African suppliers are expected to win a larger share.
Large Indian tender purchases support demand and may put a floor under falling urea prices. Weak global demand and Chinese export returns have still pushed prices lower.
uk.cofcointernational.comNick MajorNov 25, 2019After 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.
