European coal for 2014 was little changed as Deutsche Bank AG said that higher exports from the US may damp the effect of a strike at Colombia’s largest mine.
According to broker data compiled by Bloomberg, thermal coal for delivery to Amsterdam, Rotterdam or Antwerp rose 5 cents to USD 100.85 per tonne in London. The contract earlier fell as much as 0.4%. Workers at the Cerrejon mine owned by BHP Billiton Limited, Xstrata Plc and Anglo American Plc went on strike on February 7th 2013 to push for an 8.5% pay rise.
Deutsche Bank analysts led by Mr Michael Lewis the London based head of commodities research said that “We expect upside risks from a one to two week Colombian disruption will be limited by potential for higher US exports.”
Source – Bloomberg