Futures market takes downward dive as global, U.S. coal inventories grab traders' attention

摘要

Eastern NYMEX coal futures prices were battered during four days of trading preceding the July 4 holiday, which in true American fashion, was celebrated July 3 -if a late morning in bed, reading Snuffy Smith and drinking Folgers is your idea of a holiday celebration. The August 2009 front month price on the Central Appalachian Coal contract at the New York Mercantile Exchange was down 2.84 dollars at the July 1 settlement, the last day of trading prior to U.S. Coal Review's press time. It would appear that increasingly problematic coal inventory positions in the U.S. and abroad have begun to trump the usual emphasis on crude oil prices.