* Nov S.African bid at $79.25/T FOB
* Rise in oil, power boosts coal prices marginally
LONDON Oct 16 (Reuters) – Prompt physical coal prices rose
by around 25 cents on Tuesday after falling to fresh lows on the
previous day but the market remained oversupplied, traders and
utilities said.
Much of the world’s coal industry is in Istanbul this week
for the biggest annual conference and less spot market activity
has been seen as a result.
Prices were unchanged in the morning but rose slightly in
the afternoon alongside higher oil, power and gas values.
A December loading South African cargo traded at $82.75 a
tonne FOB Richards Bay and a November South African cargo traded
at $80.25, up 25 cents.
South African prices fell to $80 a tonne on Monday, the
lowest level since December 2009 and some market players expect
to see a further fall of $3-$4 unless demand starts to pick up
as utilities in Asia and Europe restock.
“The whole energy complex rose in the afternoon but there
was no fundamental reason for coal to strengthen. There are
still a lot of offers out there,” one European trader said.
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GRAPHIC: South African physical coal prices FOB Richards Bay –
here
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TRADES
A December South African cargo traded at $82.75, up 25 cents.
A December DES ARA cargo traded at $84.75, unchanged.
(Reporting by Jacqueline Cowhig; editing by James Jukwey)
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