Market overview from globalCoal for November 8
Wednesday, November 9 2011 - 01:59 AM WIB
Coal markets gave up yesterday's gains to end the day lower by ~$0.75 having initially looked to carry on the upward momentum. Liquidity was limited in the physical markets with paper trading also failing to get going. In early morning trading all coal hubs had risen ~$0.25 but this upward sentiment quickly evaporated and we saw values eroded through the balance of the day. Despite ongoing issues in Europe, particularly Italy, unsettling markets the Euro only fell slightly. Brent oil posted very modest gains with to end the day higher by ~$0.10/bbl at $114.60/bbl.
With China still out of the market, coal prices in India remained bearish after indo suppliers came back from extended holidays this week. Some offers are floating in the market for sub bit coals but real traction remains to be seen. On the RB front buyers are making enquires for Dec cargoes but market is seen a bit too wide for conclusion. Overall sentiments continue to be affected by macro issues prevailing globally. (*)
globalCoal trades this week
| Product | Expiry | Price | Volume | Origin | Delivery Point | EFP | |
| 07/11/2011 | Phys RB1 | 2012 | $ 115.50 | 300000 | |||