* May S. African cargo trades at $102.30
* Coal may have seen worst of price fall-analyst
* Newcastle prompt prices pick up
LONDON, April 13 (Reuters) – European physical coal prices
were slightly weaker on Friday in line with a drop in oil
prices, but Newcastle values strengthened.
Inventories remained high at import terminals in ARA and at
power plants, with limited buying interest seen from traders and
banks.
Coal has remained largely range-bound for weeks, often
moving by as little as 25 cents a day while tracking oil, but
may have be starting to recover, analysts said.
In its latest commodities report, Credit Suisse said it
would be hard for thermal coal prices to fall much further.
“Particularly for API2, which has now traded a $3 range for
nine weeks -in fact, we think prices have turned the corner with
their recent uptick and will move higher, albeit at a gradual
pace,” Credit Suisse said.
Whether prices will start a gradual recovery now or later in
the summer depends entirely on how much China buys, traders and
producers said.
Continued…
