Market overview from globalCoal for November 28

Coal found strength amongst other rising markets as markets on equities, commodities and the Euro all gained. Although all coal hubs gained ~$1.20 on the prompt and ~$1.00 on the Cal12 product liquidity was stunted with only thin volumes seen trading on both paper and physical. Oil gained over $2.15/bbl to end the session at just over $108.50/bbl whilst gas and power markets also rose.

Asian stocks rose today on the back of news that the IMF may step in to provide support for Italy. However that did not have a positive effect on the coal market as fundamentals remain weak. There is unlikely to be fresh demand from the Chinese for prompt newc with high vessel queues (both in Newcastle and Chinese ports), which makes it challenging to deliver the coal before the Chinese Lunar New Year in late January. (*)