Reuters reported that prompt physical coal prices fell recently in light trade with the market tracking a more than 3% slide in oil due to growing financial turmoil.
August is the annual low point for coal trading activity, because many participants are on holiday and end users are usually covered and do no need fresh cargoes until September or October.
A trader in Europe said "The whole thing has come off on other factors such as oil. It's certainly outside factors and not fundamental coal issues. It's fairly balanced."
As per report, oil dropped recently as worry about an economic slowdown spread after Standard & Poor cut the United States top tier credit rating late on Friday.
Fear gripped financial markets as the fallout from the historic downgrade of the US debt rating by S&P drowned out pledges of assistance from Europe's central bank and soothing words from the Group of Seven.
(Sourced from Reuters)
August is the annual low point for coal trading activity, because many participants are on holiday and end users are usually covered and do no need fresh cargoes until September or October.
A trader in Europe said "The whole thing has come off on other factors such as oil. It's certainly outside factors and not fundamental coal issues. It's fairly balanced."
As per report, oil dropped recently as worry about an economic slowdown spread after Standard & Poor cut the United States top tier credit rating late on Friday.
Fear gripped financial markets as the fallout from the historic downgrade of the US debt rating by S&P drowned out pledges of assistance from Europe's central bank and soothing words from the Group of Seven.
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