{"id":7312,"date":"2012-01-23T21:03:45","date_gmt":"2012-01-23T19:03:45","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/euro-coal-dips-as-china-holiday-hits-demand\/"},"modified":"2012-01-23T21:03:45","modified_gmt":"2012-01-23T19:03:45","slug":"euro-coal-dips-as-china-holiday-hits-demand","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/euro-coal-dips-as-china-holiday-hits-demand\/","title":{"rendered":"Euro Coal-Dips as China holiday hits demand"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">LONDON<\/span> Jan 23 (Reuters) &#8211; Prompt European physical<br \/>\ncoal prices dipped by around 50 cents on Monday as the absence<br \/>\nof Chinese players due to the New Year holiday began to be felt,<br \/>\ntraders and utilities said.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>Minimal European demand and a hiatus in Chinese buying<br \/>\nshould be strong enough factors to pull DES ARA European prices<br \/>\nbelow the support level of $100 a tonne during the next two<br \/>\nweeks, from $105 currently, they said.<\/p>\n<p><span><\/span><\/p>\n<p>Oil&#8217;s strength is expected to limit coal&#8217;s potential to fall<br \/>\ndue to weak fundamentals but with key buyers out of the market,<br \/>\nsome further price falls were highly likely in the very<br \/>\nnear-term, traders said.<\/p>\n<p><span><\/span><\/p>\n<p>Firm oil prices, mostly due to supply concerns, have masked<br \/>\nthe effect of poor coal fundamentals. Oil retreated on Wednesday<br \/>\nas optimism, spurred by talk the IMF may do more to help resolve<br \/>\nthe European debt crisis, proved shortlived, with a gloomy<br \/>\ndemand outlook pressuring prices.<\/p>\n<p><span><\/span><\/p>\n<p>The FOB benchmarks for South African and Australian coal<br \/>\nhave been more robust. South African prompt cargoes have been<br \/>\nbid higher by players counting on a resumption soon of Chinese<br \/>\nbuying, while Newcastle prices tend to be resilient while annual<br \/>\ncontracts with end-users are being negotiated.<\/p>\n<p><span><\/span><\/p>\n<p>Coal API2 and API4 swaps saw the quietest trading day of the<br \/>\nyear so far, traders said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Swaps have done almost nothing, a lot of people are not<br \/>\naround &#8211; by 0930 GMT only one trade had taken place,&#8221; one<br \/>\nEuropean trader said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Today is the first day of the Chinese New Year and the<br \/>\nbuyers there are totally absent, won&#8217;t be back for two weeks so<br \/>\nthat&#8217;s taken some support away from prices,&#8221; a utility source<br \/>\nsaid.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;A few aggressive players are bidding up South African<br \/>\nprompt cargoes in the hope that Asian buying will return after<br \/>\nthe New Year but European demand looks appalling,&#8221; he added.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON Jan 23 (Reuters) &#8211; Prompt European physical coal prices dipped by around 50 cents on Monday as the absence of Chinese players due to the New Year holiday began to be felt, traders and utilities said. Minimal European demand and a hiatus in Chinese buying should be strong enough factors to pull DES ARA [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7312"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7312\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}