Global urea prices extend gains ahead of India tender

摘要

LONDON(ICIS)--Urea prices are higher,building on the momentum from last week,on expectations of fresh demand from India and shrinking supply in China.India needs to buy around 1.5m tonnes in its next tender at a time when Chinese exports are drying up due to an appreciating yuan and active domestic market.The biggest move has been in Egypt where prices are trading at a three month high on buying for Europe,which has emerged later than usual.Traders started short covering for Europe on sensing a bottom,and are now building long positions for January-February 2021.