GlobalCOAL ICE Newcastle coal futures reach all-time high in January
London (Platts)--5Feb2013/734 am EST/1234 GMT
An all-time high of 15 million mt worth of coal was traded and cleared
in the globalCOAL ICE Newcastle Coal Futures market in January, soaring 90.8%
from the previous month and up 65.6% from January 2012, energy exchange ICE
Futures Europe and electronic trading platform globalCOAL said late Monday.
According to Platts data, Newcastle prompt-month paper prices ended the
month at $95.20/mt on January 31, on par with their starting level of
$95.10/mt on January 2.
However, prices had recovered in the last week of January from an
intra-month low of $93.15/mt.
Newcastle prices and activity ticked up, particularly at the end of
January, on rail issues due to stormy weather and a possible strike by New
South Wales coal train drivers at Australian rail freight and port operator
Asciano's haulage division Pacific National Coal over a wage dispute.
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Trading sources added that the Newcastle market traditionally firms in
the first quarter of the year with upcoming March contract negotiations
between Japanese power utilities and Australian producers providing support.
Overall, the total volume of ICE coal futures traded and cleared in
January rose 22.3% on the month but was 21.7% lower year-on-year, to 80.7
million mt worth of coal, according to the ICE coal futures monthly report.
The largest portion (69%) of the aggregate volume was made up of ICE
Rotterdam Coal Futures, although the European contracts saw the smallest
monthly percentage increase compared with the Australian and South African
A total of 55.9 million mt worth of coal was traded and cleared in the
ICE Rotterdam Coal Futures market in January, climbing 9.5% from December,
but slipping 44% year-on-year.
The amount of ICE Richards Bay Futures traded and cleared jumped 38.3%
from December to 9.8 million mt, although the volume fell 25.2% in relation
to January 2012.
Rotterdam prompt-month derivatives started the month at $90.50/mt,
flagging $4.45/mt during the month to $86.05/mt by the end of January.
Richards Bay February paper contracts were assessed at $90.75/mt at the
beginning of the month, retreating $4.75/mt during January to close at $86/mt
on January 31, according to Platts data.
--Jacqueline Holman, email@example.com
--Edited by Alisdair Bowles, firstname.lastname@example.org