Market overview from globalCoal for November 9
Thursday, November 10 2011 - 01:43 AM WIB
Coal continued its downward trajectory today with outside factors again providing direction. Gas and power markets were both seen moving strongly lower. Brent oil was at one point mid-afternoon lower by nearly $2/bbl but some bullish inventory figures helped it reclaim around ~$1.50/bbl to end at ~$114.50/bbl, lower by $0.50/bbl. The Euro nosedived throughout the day as the ongoing saga of Italian debt provided further downward sentiment across markets. All coal hubs were lower by ~$1.40 in the prompt and ~$1 on the Cal12 products.
Limited liquidity in the Asian market with China buyers remaining elusive. Chinese utilities are still holding 21 days of inventory while there is ample supply from both Australia and Indonesia. During Asian trading hours, there were prompt offers for Dec gC Newc at around $116.50 but no matching bids. (*)
globalCoal trades this week
| Product | Expiry | Price | Volume | Origin | Delivery Point | EFP | |
| 07/11/2011 | Phys RB1 | 2012 | $ 115.50 | 300000 | |||