* Market awaits stronger China buying push
* Physical market support seen for now
LONDON Jan 19 (Reuters) – Prompt physical coal prices
rose slightly on Thursday, helped by increased bids for spring
cargoes.
“We have seen some bids for physical deliveries in March,
and I think there are coal users out there that want to cover
themselves for spring time ahead of the Chinese returning to the
market en masse,” one London-base coal trader said.
Chinese importers have been out of the market for the past
few weeks and are not expected to return until after the Chinese
New Year holidays on 23 January.
Traders said that the physical market may also have received
some support from financial coal swaps trading, where the API2
2013 contract rose back above $113 a tonne on Thursday, up from
just above $111 earlier in the weak.
TRADES
An April Newcastle cargo was traded at $114.50 a tonne.
Continued…
