Benchmark European coal prices advanced as utilities increased stockpiles in anticipation of winter demand.
Coal for delivery to Amsterdam, Rotterdam or Antwerp with settlement next year rose 50 cents, or 0.4 percent, to $127.25 a metric ton by 8:58 a.m. in London.
Inventories in main ports in Europe have climbed on demand to increase stocks for the winter months, Mark Pervan, an analyst with Australia & New Zealand Banking Group Ltd., said in a report today.
“Coal inventories at OBA terminal in Amsterdam and the EMO terminal in Rotterdam have increased by 16 percent and 7 percent respectively,” he said.
The data are drawn from information supplied by ICAP Plc, GFI Group Inc., Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Bloomberg, Tradition Financial Services and Tullett Prebon Plc.