Market overview from globalCoal for April 10
Wednesday, April 11 2012 - 12:52 AM WIB
The coal market resumed in quiet fashion today after the extended weekend with limited activity on both physical and paper markets. With oil inventories rising we saw Brent lose value through the day, finishing over 1% lower at $121.20/bbl, down $1.20/bbl. This triggered wider downward moves across the energy spectrum and coal was no exception. Coal fell in early trading by ~$0.75 and these levels never regained these losses.
Most RB buyers in India were reported today to be watching the market for direction prior showing any bids, Indo origin coal offers were also seen softening as too many offers chasing fewer bids. Sporadic buying interest continue to emanate ex China as most players looking forward for the CT conference next week.(*)