Market overview from globalCoal for November 10

Coal continued to see values eroded with little fundamental direction. Gas and power markets fell through the day although Brent oil ended the day higher by ~$1/bbl. The Euro fared better in the morning but downgraded growth forecasts for the Eurozone caused a late fall. All coal hubs were lower by ~$1.40.

With Italy displacing Greece as the epicentre of the euro zone's sovereign debt crisis and India raising interest rates yet again (13th time in this year) to curb the rising inflation not much traction in the market seen so far this week. Market participants feel that China may be back in the market to stock up for the winter burn in spite of the liquidity issues as they have been seen stocking iron ore and Hard coal for winter as evacuation at ports can be an issue. On the RB front, offers shown ~ $105/mt FOB yet to get any traction from respective Indian buyers. (*)

globalCoal trades this week

Product		Expiry	Price	Volume	Origin	Delivery Point	EFP
07/11/2011	Phys RB1	2012	$ 115.50	300000
10/11/2011	Phys RB1	Jan'12	$ 107.75	25000