20250708-大越期货-尿素早报_11页_644kb

The report provides an analysis of the Urine futures market, authored by Jin Zebin at Dadi Futures, dated 2025-7-8. Key findings include volatility in the market due to international supply constraints and rising Indian bids, with domestic conditions showing excess supply and weak demand. Fundamentally, the market is assessed as neutral to bearish, with high inventory levels noted. Technically, the contract UR2509 has a favorable basis. The outlook is for price oscillation, influenced by international strength but potential policy changes as risks.

• Fundamental Factors: International supply tension and India's higher bids support prices, while domestic over-supply and weak industrial/agricultural demand lead to bearish signals.
• Technical Indicators: Basis positive but inventory high; chart neutral.
• Market Outlook: Expected to fluctuate with international support, but risks from export policy uncertainties noted.

Disclaimer: This report is for reference only and does not constitute investment advice.