22 de mayo de 2014 / 16:39 / en 4 años

EURO COAL-July prices slightly lower as selling continues

* 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.

The measures aim to reduce the amount of coal used this year by 2.6 million tonnes, and instead adopt clean energy and gas as a less polluting alternative, the official Xinhua news agency said.

Glencore said it will shut its Newlands underground coal mine in Australia in late 2015, opting not to extend the life of the mine amid a slump in coal prices.

Newlands is the latest victim in a round of production cuts, mine closures and project cancellations in Australia, with thermal coal prices stuck at 4-1/2-year lows and the Australian dollar remaining stubbornly high.

Reporting by Nina Chestney; Editing by Mark Heinrich

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