Sunday, 22 July 12 COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent compared to Monday opening, according to AsiaClear OTC Coal Swaps.
CFR South China coal shipments to China also fell 1.077 percent compare to Monday Opening and 0.89 percent d-o-d.
Sub-Bit FOB Indonesia coal contracts for September 2012 delivery closed at US$ 61.38 on Friday ( 20 July 2012) compared to US$ 62.12 Monday opening and lost US$ 0.74 per MT. In the meantime, CFR South China coal September delivery has fell US$ 0.90 pmt on Friday (20 July) and closed at US$ 82.60 against US$ 83.50 Monday Opening.
However, Q4 deliveries were showing positive direction as Sub-Bit FOB Indonesia coal gained 0.91 percent or US$ 0.58 pmt and closed at US$ 64.10 and CFR South China coal gained 0.11 percent for the same period. China Q4 2012, CFR delivery has closed US$ at 85.20 compared to US$ 85.10 opening on Monday (16 July 2012).
A commodity swap is a financial agreement whereby a floating, or spot, price is exchanged for a fixed rate over a specified contract period.
“Coal market is displaced at a point with no direction at the movement” said a senior marketing officer from one of the leading coal producers form Indonesia.
He also further added that, the overall view is that market has very low downside as with current price levels are above the cash cost of many coal producers. This is expected to bring supply discipline to correct the supply demand balance soon. However chance of big upside on coal price is weak until at least end of this year”.
Indonesia commenced its fasting month on Friday. The market is expected to experience a minor downward side production correction during fasting month. Coal suppliers are in hope that, the correction on supply side may help to push the coal prices upward at least by end of August 2012 deliveries.
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