European Coal for 2014 Little Changed as Colombian Strike Starts
From Coal Guru
European coal for 2014 was little changed as Deutsche Bank AG said that higher exports from the US may damp the effect of a strike at Colombia’s largest mine.
According to broker data compiled by Bloomberg, thermal coal for delivery to Amsterdam, Rotterdam or Antwerp rose 5 cents to USD 100.85 per tonne in London. The contract earlier fell as much as 0.4%. Workers at the Cerrejon mine owned by BHP Billiton Limited, Xstrata Plc and Anglo American Plc went on strike on February 7th 2013 to push for an 8.5% pay rise.
Deutsche Bank analysts led by Mr Michael Lewis the London based head of commodities research said that “We expect upside risks from a one to two week Colombian disruption will be limited by potential for higher US exports.”
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