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India's MMTC issued a new urea purchase tender closing 1 July for shipments through 16 August, targeting around 800,000t and possibly up to 1m t. The tender was widely anticipated and drew little market reaction, with Chinese supply expected to play a larger role after the May tender booked 741,000t at $279.74-285.70/t cfr.
Large Indian buying supports global urea prices, and whether Chinese producers supply at around $285/t fob will determine Gulf and Egyptian availability for July-August. Below-average monsoon rain is not expected to change India's buying decision.
profercy.comChris YearsleyJun 28, 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.
