The slippage of urea intertemporal arbitrage is large. Urea warehouse receipts and factory warehouse receipts are valid for up to 4 months. The specific regulations are: Factory and warehouse standard warehouse receipts registered before the 12th trading day (exclusive) of February, June, and October every year should be registered before the 15th trading day (inclusive) of the month. All are cancelled. The 09 contract has warehouse receipt pressure and strong selling pressure, which is conducive to counter-arbitrage.

2. For urea, July and August are the off-season, and the spot price is likely to fall seasonally, which is conducive to counter-arbitrage.