Market overview from globalCoal for May 10

While the Eurozone debt crisis dominates global market headlines and the Euro currency falters, the energy complex appears to have found support levels after the recent bear run. The financial coal indices all reported gains as a number of players close out their short positions in the run-up to the McCloskey's conference in Nice - the Cal 13 contracts all added ~$0.40 on the day. The physical markets were quiet again though July RB1 was heard to trade at $97.25 in 75kt. Meanwhile, front-month Brent crude ended the day (at 5pm London time) broadly sideways at ~$112.65/bbl after trading in a $1.50 range intra-day.

Today there was renewed interest in RB tonnes as couple of cement majors in India were interested in negotiating June shipments. Business is likely to be concluded in a day or two. The INR slid down on back of Eurozone fears and witnessed one of its worst fall ever against USD. On the Indo front, a 5000 gar single mine coal was bid at $68 FOB while offered at $71/mt FOB. Plenty of sub-bit coal offers are chasing fewer bids.

globalCoal trades this week

	Product	Expiry	Price	Volume	Origin	Delivery Point	EFP
08/05/2012	SWAP NEWC Index	Q1'13	$ 106.00	15,000
08/05/2012	Phys NEWC (FOB Newcastle)	Jul'12	$ 99.00	25,000			ND
08/05/2012	Phys ARA (DES)	Jun'12	$ 85.00	50,000	ACPRS	Rott	EFP
08/05/2012	Phys RB1	Jun'12	$ 96.70	150,000
08/05/2012	Phys RB1	Jun'12	$ 97.00	150,000
08/05/2012	Phys RB1	Jun'12	$ 97.00	25,000
09/05/2012	Phys ARA (DES)	Jun'12	$ 85.50	75,000	U	Amst	EFP
09/05/2012	SWAP NEWC Index	Q4'12	$ 103.25	15,000