EURO COAL-July prices slightly lower as selling continues

jueves 22 de mayo de 2014 12:34 GYT

* ARA coal for July delivery down $0.10 at $76.50/tonne

* Little incentive to buy coal amid weak energy demand

LONDON May 22 (Reuters) - European physical coal for July delivery was slightly lower on Thursday as selling continued amid continued oversupply and weak energy demand.

Cargoes for delivery in July to Amsterdam, Rotterdam and Antwerp (ARA) were trading at $76.50 a tonne, 10 cents below their last close, according to the GLOBALcoal trading platform.

This week, selling has dragged down European physical coal prices for delivery in June, which had not traded by 1539 GMT on Thursday. The contract settled at $73.10 a tonne on Wednesday, at a discount to South African and Australian coal.

Australian Newcastle cargoes and South African shipments from Richards Bay were trading between $74-76 a tonne.

Warmer than average temperatures in Europe have dampened demand for energy and an oversupplied coal market gives little incentive for traders to buy.

Coal prices have dropped more than 40 percent in the last three years due to oversupply combining with slowing demand growth in Europe and Asia.

In China, state media reported that China will shut down Beijing's coal-fired power plants and limit coal for boilers and industrial use this year to combat the capital's air pollution.   Continuación...