EURO COAL-Physical falls for fourth day as market eyes Colombia
LONDON, March 27 (Reuters) - European physical coal prices slipped for a fourth day on Thursday as the market braced for miner Drummond to resume Colombian coal exports this week after its port was shut.
Cargoes for delivery in April to the ports of Amsterdam, Rotterdam and Antwerp (ARA) shed 50 cents to $74.50 a tonne - the lowest level seen since March 12 - on volume of 50,000 tonnes traded.
Drummond, Colombia's second-biggest coal miner, stopped exports in January after a new law banned the use of cranes and barges to load boats due to environmental concerns.
The Colombian government said it expected exports, which have since fallen by a third, to resume from around March 24.
A coal trader told Reuters on Wednesday that he expected exports to resume this week or by March 31.
Calendar 2015 API2 coal futures next year rose in afternoon trade, with prices bid up by 30 cents to $80.35/tonne.
Another trader said cheaper European carbon prices had attracted some utilities to buy coal.
EU emissions allowances tumbled by over 10 percent to a two-month low of 5.20 euros/tonne, as speculators weighed and a few power generators were seen unwinding positions.
The world's top miner Coal India said it expects to increase production by 7 percent year-on-year in fiscal 2014/15. (Reporting by Michael Szabo; editing by William Hardy)
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