SGX M42F Thermal Coal - Daily Update 7 November 2019
Friday, November 8 2019 - 05:59 PM WIB
November month-to date:
Futures volume at 55kt, Open interest at 133kt
Total volume since January 2019: 1004kt
Physical
Bid-offer spreads remain wide for Indonesian low-rank cargoes, as uncertainty about Chinese buying interest continues to cast a shadow over sentiment. As of today, neither buyers nor sellers appeared to be in the mood to bridge the gap. Bids from China were understood to be around $32.00/t FOB, basis 3,800 kc NAR, for November and December loading geared vessels. Offers were heard at $34.00-34.50/t FOB, basis 3,800 kc NAR, for November loading geared cargoes of material from various mines. A market for a December loading geared vessel was still bid at $32.10/t FOB, basis 3,800 kc NAR, against an offer at $34.85/t FOB, same basis.
Paper
M42, listed on SGX, was stabilising following a couple of days of weakening. November was bid at $35.50 and offered at $34.10 today, following a deal late Wednesday at $34.00. December was bid at $33.30 and offered at $33.80, while January was bid at $32.75 and offered at $34.25. Further out, Q1-20 was bid at $32.90 and offered at $34.25 and Calendar-20 was bid at $33.00 and offered at $34.25.
Source: IHS McCloskey.