European physical coal prices rebound

LONDON: European physical coal prices for June delivery rose slightly on Friday in a thinly traded market in reaction to a week-long downward trend.

Cargoes for delivery in June to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were valued at $76.25 a tonne, up $0.35 from the previous settlement.

The contract has been falling most of the week thanks partly to mild weather and a perception that the delivery period had become over-valued.

A mild winter has left Europe's coal stocks relatively high, and a warm start to spring is further weighing on demand.

Despite the low demand, prices rose throughout much of March, restoring profitability to coal miners, many of whom were operating below break-even levels previously.

South African physical contracts from the Richards Bay terminal for delivery in May were valued at $73.00 a tonne, down $0.90 from Wednesday's levels.