Europe 2013 Coal Falls to Lowest in Week as SocGen Cuts Forecast
European coal for next-year delivery declined to the lowest level in more than a week as Societe Generale SA cut its price forecasts.
Thermal coal for delivery next year to Amsterdam, Rotterdam or Antwerp dropped as much as 0.6 percent to $95.50 a metric ton, according to broker data compiled by Bloomberg. That’s the lowest level since Nov. 13.
Year-ahead coal in Europe will average $103.60 a metric ton next year, down 8 percent from the previous forecast made in September, Paolo Coghe, an analyst for the bank in Paris, said today in an e-mailed report. The 2015 contract will average $110.3 next year, down 8 percent from the earlier estimate as global oversupply and ailing global demand cap prices.
Bloomberg tracks information from ICAP Plc, GFI Group Inc., Marex Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.
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