Tue, Feb1, 2011
Reuters reported that prompt coal prices rose by nearly USD 3 per tonne in both swaps and physical markets on Monday, largely in response to the Egyptian crisis. Oil prices jumped in response to the Egyptian unrest. Brent traded at USD 99 a barrel.
A March delivery DES ARA cargo traded at USD 122.25, up by USD 3.
An April delivery DES ARA cargo was bid at USD 118.5 and offered at USD 122.5, up USD 2 on the bid.
A March loading South African cargo was bid at USD 122.50 up by USD 3.
Fundamentally, little has changed in the physical coal market. Demand in Europe remains minimal with the exception of Finland where some spot buying is being done. Indian and Chinese buyers remain on the sidelines waiting for prices to fall.
Prices could spike again, however, traders and utilities said, if the cyclone hits Queensland and keeps ports shut and delays repairs from December's floods or if oil shoots higher due to events in Egypt.(Reporting by Jackie Cowhig, sourced:reuters)
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