Urea: Retransmission outlet closed

Golden Ten Futures on June 11, recently, overseas natural gas prices rose, and the external market urea price rebounded significantly. From the price difference, the export space of domestic urea opened, but the market reported the news of "complete closure of urea exports", and the intraday urea futures price fell from a high level. There is an expectation of a rebound in domestic urea supply in the market outlook, but industrial demand may decline seasonally, inventories may gradually accumulate, and the urea market may gradually weaken before exports are re-opened. If exports are closed, inventories may be under pressure to rebound rapidly in the second half of the year, so the monthly difference structure of urea may gradually slow down from the current depth. Strategies can consider 9-1 reverse sets, and pay close attention to the adjustment of export policies.