London (Platts)--10Dec2012/835 am EST/1335 GMT

Total traded volumes of OTC and exchange-cleared financial coal derivatives in November to 267,896,500 mt, the highest figures since the monthly reports began on February 2011, according to data from London Energy Brokers' Association.

The total traded volumes were 56% higher year on year and 36% up on-month, while the year-to-date volumes in the January to November period rose by 26% on-year.

The previous monthly volumes record was set in January, when total traded coal derivatives reached 262.291 million mt.

API2 (CIF ARA) derivatives volumes in November were up 12% on-year and 11% on-month to 145,206,500 mt, its highest figure since May.

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However, API4 (FOB Richards Bay) coal derivatives volumes were down 13% on-year to 24.865 million mt, down 24% from October's nine-month highs.

Cleared API4 transactions made up 68% of the total year-to-date traded volumes, compared to 63% in the same period last year.

The cleared proportion of all other coal derivatives, mainly of Australian Newcastle swaps, fell to 40% from 82% in the January-November 2011 period.

Platts data showed that the benchmark year-ahead API2 Cal-13 contract reached highs of $97.10/mt twice in November, once on November 16 and again on November 23, from lows of $93.40/mt at the start of the month. Sources said the support came from strike options coming into play towards the end of the month.

The contract has since dropped to $95.60/mt as of December 7.

--Jaime Concha, jaime_concha@platts.com
--Edited by James Leech, james_leech@platts.com

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