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May ICI 4 coal derivatives trade at higher prices

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Source: The Star, May 9, 2019

A total of 10,000t of May ICI 4 derivatives contracts cleared on the Chicago Mercantile Exchange (CME) today, at higher prices than similar transactions concluded earlier this week. Interest also started to emerge further along the curve today, with bids and offers for first-quarter 2020 contracts.



Two 5,000t May clips traded today at $39.50/t, brokered by Singapore-based Evolution. This is firmer than on 6 May, when 15,000t for May traded at $39.25/t.



Bids and offers also rose today compared with yesterday. May contracts were bid at $39.30/t compared with $39.10/t yesterday. May was offered at $39.70/t, up from $39.50/t yesterday, while July was bid at $38.50/t and offered at $40.30/t today, up from bids at $37.75/t and offers at $39.70/t yesterday.



Bids for August contracts were at $37.85/t, with offers at $40.25/t today. This compares to bids at $37/t and offers at $39.90/t yesterday.



Third-quarter 2019 contracts were bid at $37.85/t and offered at $40.25/t today, while first-quarter 2020 ICI 4 derivatives were bid at $37.25/t and offered at $40/t.



Bids and offers on the intermonth spreads also increased today. July was bid at a 15¢/t discount to August and offered at a 65¢/t premium, while August was also bid at a 15¢/t discount to September and offered at a 65¢/t premium. Third-quarter 2019 was bid at a 45¢/t discount to fourth-quarter 2019 and offered at a $1.95/t premium.



Offers also edged higher in the GAR 4,200 kcal/kg physical market. But a stand-off appears to have developed between buyers and sellers, limiting the number of deals concluded. Indian buyers are largely opting out of the market amid high inventories at power plants, while Chinese buyers are said to be unwilling to meet prices offered by sellers.



Most bids for June-loading geared Supramax GAR 4,200 kcal/kg cargoes are now at $39/t, up from $38.50-39/t yesterday. Offers have increased to around $40-41/t from $39.50-40/t.



In the Australian thermal coal market, a Chinese buyer bid at around $60/t fob Newcastle for a June-loading Capesize cargo of NAR 5,500 kcal/kg, while a trader offered at $62/t. That was not far off from last week, when the bid/offer spread for June and cross-month May/June cargoes was at $61-62/t fob Newcastle. The market appears little changed this week, as Chinese buying interest has not fully returned since last week's holiday.



The Chinese domestic market was steady today, with offers in the range of 620-623 yuan/t fob northern China ports. No bids were heard.



In the Chinese futures market, the ZCE September contract closed at Yn599.2/t today, down by Yn5.8/t from yesterday.



 

News Source: Argus Media

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