Coal swaps shed value at the start of this week, giving back some of Friday’s steep gains. The API 2 calendar 2021 swap opened at $62.90/t before gaining value during morning trading to hit an intra-day high of $63.50/t at around 13:00 GMT. But the contract subsequently lost value and dived into the close to settle at $62.30/t, down by $0.70/t on the day. A warmer outlook played into the losses on the API 2 curve. The temperature in Berlin is expected to be around 2-3°C below normal on 10-11 December, but will otherwise be largely above average through to 20 December, according to meteorologist Speedwell Weather.
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