* Fenoco seeks strikers vote to return to work
* El Nino to last until winter
* China imports show economic growth is cooling
LONDON, Aug 10 (Reuters) – Physical prompt South African
coal prices dipped slightly on Friday, in line with weaker gas,
oil and the euro, having fallen by $4 a tonne on the previous
day.
Oil fell to around $112 a barrel on Friday as a slowdown in
China’s trade flows and weaker forecasts from the International
Energy Agency added to concern about demand.
Wholesale UK gas prices rose on Friday, supported by tight
supply, but had negligible impact on coal values
.
The continued strikes by workers on the Colombian Fenoco
railway which moves coal to port for Drummond,
Goldman Sachs and Glencore’s Prodeco, and by
Prodeco mineworkers, has been cited as the main reason for the
recovery in prices from the two-year lows seen in June.
But some players say the market’s reaction has been overdone
because these strikes are unlikely to last more than another few
days.
“There’s still a belief that the Colombia strikes are
supporting prices so let’s see what happens when they’re over,”
one European trader said.
Continued…
