The inventory of urea enterprises is still relatively low, which still has some support for the price

Jinshi Futures, June 5th, the supply-side enterprises started basically bottomed out, and Nissan began to pick up slightly. In June, new devices were put into production. It is expected that the supply pressure will gradually emerge. Although the demand-side compound fertilizer started slightly lower, it is still at a high level year-on-year, and there is still support for urea in the short term. After June, it enters the closing stage. It is expected that the demand for raw materials will gradually weaken and enter the demand gap period. In terms of inventory, enterprise inventory is still relatively low, and the general inventory pressure is small, which still has some support for prices. Overall, the subsequent marginal recovery of supply, the risk of lower demand, and it is expected that supply and demand will gradually turn into excess. In terms of strategy, unilaterally wait for enterprises to accumulate inventory and pay attention to short-selling opportunities