Fertilizer equities were mixed over the past week, with potash-related names including Nutrien (NTR.TO) rising on recent strength in potash prices due to supply-related disruptions, RBC Capital Markets said in a note over the weekend.
Meanwhile, nitrogen-related names were down on mixed price direction and energy price volatility, RBC added.
According to RBC, investor discussions this past week were focused on news that Belaruskali will temporarily shutter one of its five potash mines in the first half to undertake extensive maintenance, with the company expecting 1 million tonnes of lost production.
"We think the move could provide near-term support to prices and potash ... and confirms our view that potash prices have strong support in the $275-300/tonne range; however, we note that Belaruskali has excess capacity that could be used to make up for lost production if needed, and the move could be viewed as a negotiating tactic into the typical China/India contract discussion period," RBC said.
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