Euro Coal-Prices stable but outlook more bearish
Saturday, 24 March 2012 | 00:00
Prices of prompt physical coal were little changed for a fifth day, with bids and offers far apart and no fresh trades reported.
The market lacks direction because of the lack of spot trades to aid price discovery, or fundamental fresh news, traders said.
Warmer weather in Europe and high stockpiles are expected to pull swaps prices lower next week, with physical prices following, they said.
"Everybody was hoping for prices to recover and it's been a slow realisation that it isn't happening now it's looking a bit more bearish," one utility source said.
Oil prices rallied on Friday on news that Iranian oil exports have fallen significantly this month but the thinly-traded coal market did not follow oil higher.
A May South African cargo was bid at $102.30 and offered at $105.00, a wider spread than on Tuesday, but otherwise little changed.
An April DES ARA cargo was bid at $92.75 and offered at $96.00, also a wider spread.
A May DES ARA cargo was bid at $85.00 and offered at $98.75, little changed.
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