← All Products · Product Guide
Urea Futures (UR) — Farm Policy Meets Industrial Demand
Urea is the world's highest-volume nitrogen fertilizer and China is its largest producer and swing exporter. UR trades at the intersection of farm calendars, coal/gas costs, and export policy — a contract with genuine global relevance that still trades on Beijing hours.
Contract Specifications
| Exchange | Zhengzhou Commodity Exchange (ZCE) |
| Symbol | UR |
| Underlying | Medium-sized prilled/granular urea (agricultural grade) |
| Contract size | 20 metric tons per lot |
| Price quote | CNY (¥) per metric ton |
| Minimum tick | ¥1 per ton = ¥20 per lot (≈$2.80) |
| Daily price limit | Dynamic band set by the exchange (typically ±4% to ±8%) |
| Day session (Beijing) | 9:00–10:15, 10:30–11:30, 13:30–15:00 |
| Night session (Beijing) | 21:00–23:00 |
| Contract months | Jan / Mar / May / Jul / Sep (main contracts: Jan / May / Sep) |
| Last trading day | 10th trading day of the delivery month (shifted for holidays) |
| Exchange margin (reference) | Roughly 8–14% of contract value for the main contract |
Specifications are reference values compiled from exchange publications. Margin ratios and price limits are adjusted dynamically — the exchange's latest announcements always prevail.
What the Price Actually Buys You
At a typical price of ¥1,900/ton, one lot (20 tons) is worth ¥38,000 (≈$5,300) — margin near 10% means roughly ¥3,800 (≈$530) controls one lot. Every ¥1 move = ¥20 per lot.
UR's dual personality — agricultural fertilizer in peak seasons, industrial feedstock (urea formaldehyde, diesel exhaust fluid) the rest of the year — gives it multiple demand narratives and steady institutional participation.
What Moves Urea
- Farming seasons. Spring planting (Feb–Apr) and autumn topdressing windows drive domestic demand surges; off-season demand leans industrial.
- Coal and natural gas costs. Most Chinese urea is coal-based. Thermal coal price moves flow through production costs with a lag.
- Export policy. China's urea export windows (and frictions) swing global balances — India tender results are watched events. Export restriction headlines can gap UR.
- Capacity and restarts. GasSupply cuts in winter and plant maintenance seasons tighten supply periodically.
- Global energy complex. Global urea prices track global gas — European gas spikes in recent years produced worldwide fertilizer rallies that UR joined.
Why Traders Trade It
Season-driven rhythm. UR has an unusually reliable seasonal rhythm — the farm calendar repeats, and UR respects it.
News-reactive with clean liquidity. Export tender news moves UR fast with tight spreads.
What to Watch Out For
- Export policy reversals. Export opening/closing decisions are administrative and can gap the market. Position conservatively through policy windows.
- Seasonal dead zones. Between farm seasons, UR can drift — respect the calendar.
Trading Urea on XS Select
All XS Select evaluations include Urea and every other major Chinese commodity contract, on real Wenhua Finance market data with institutional liquidity. Commission is set at 2x the exchange standard (charged on open and close) — replicating professional trading conditions.
Ready to trade it? Take the challenge from $29 — pass the evaluation and earn a 10x bonus plus a funded performance account with 50% profit share. Sign up →