Weakness persists in the two coals

commodities-4136

From ANZ:

Bulk commodities showed mixed performances. Thermal coal markets declined 1.2%, but prices in the physical Newc market were unchanged, despite a continuing bearish market outlook. The IMF downgraded China’s growth forecast to 7.8% this year and 7.7% in 2014, down from its earlier estimates of 8.1% and 8.3% in April. Encouragingly, other energy consumers appear to be benefiting from lower thermal coal prices. A flurry of buying activity from South Korea and Japan could support a rebound in physical Newc prices from lows near USD75/t. Iron ore physical prices rallied 1.5% in line with gains in China domestic steel and iron ore swap markets.

Here are the charts. Thermal coal threatening another new low:

Capture

And coking coal already at another low (a few days ago) of $132:

coking

ANZ Commodity Daily 860 100713.pdf by James Woods

David Llewellyn-Smith
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