EURO COAL-May prices edge up on modest utility buying

lunes 31 de marzo de 2014 11:56 GYT
 

* ARA coal for May delivery traded at $79/T

* Richards Bay coal for April traded at $74.25/T

LONDON, March 31 (Reuters) - European physical coal prices for May delivery edged up on Monday on the back of a modest pick-up in demand from utilities.

Cargoes for delivery in May to the ports of Amsterdam, Rotterdam and Antwerp (ARA) traded at $79 a tonne, up $0.90 from Friday's settlement.

"We have seen some increased demand for the May contract from utilities. I don't see any particular reason, but utilities usually start ramping up their hedging at this time of year," a coal trader said.

Some 50,000 tonnes of May ARA coal had traded by 1530 GMT, according to data on online trading platform globalCOAL.

The April and June ARA contracts had not traded by 1530 GMT.

Traders said the market was still weak after a mild winter has left Europe's coal stocks relatively high and that a warm start to spring was further limiting demand.

The threat of increased supply from Colombia also weighed on the market, traders said.   Continuación...