New World Declines for Third Month as Slowdown Hurts Commodities
New World Resources Plc (NWR), the biggest Czech producer of coking coal, headed for a third monthly drop and the lowest in almost three years as an economic slowdown from China to Europe hurt demand for commodities.
The stock retreated 0.3 percent to 96.69 koruna as of 12:52 p.m. in Prague. A close at that level would be the lowest since July 2009 and would mark a 24 percent slump in May, the biggest since August 2011.
Europe’s benchmark coal derivatives have fallen 6.1 percent this month to $101 a metric ton today, after reaching the lowest since October 2010 at $99 on May 23. Oil headed for the biggest monthly drop in more than three years in New York on speculation Europe’s worsening debt crisis will reduce fuel demand.
To contact the reporter on this story: Krystof Chamonikolas in Prague at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com