European Coal for 2014 Little Changed as Colombian Strike StartsMarek Strzelecki
European coal for 2014 was little changed as Deutsche Bank AG said that higher exports from the U.S. may damp the effect of a strike at Colombia’s largest mine.
Thermal coal for delivery to Amsterdam, Rotterdam or Antwerp rose 5 cents to $100.85 a metric ton at 12:25 p.m. in London, according to broker data compiled by Bloomberg. The contract earlier fell as much as 0.4 percent.
Workers at the Cerrejon mine owned by BHP Billiton Ltd., Xstrata Plc and Anglo American Plc, went on strike on Feb. 7 to push for an 8.5 percent pay rise.
“We expect upside risks from a one to two week Colombian disruption will be limited by potential for higher U.S. exports,” Deutsche Bank analysts led by Michael Lewis, the London-based head of commodities research, said in e-mailed research today.
Bloomberg tracks broker data from ICAP Plc, GFI Group Inc., Marex Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.