Bloomberg reported that Bank of America Corp. (NYSE:BAC) lowered its forecast for Q4 2013 Newcastle thermal coal prices by 12 percent, to $74 per metric ton. It believes that in 2014 the fuel’s price will average $82, down 9.9 percent from its previous estimate.
As quoted in the market news:
Coal for 2014 delivery in the Amsterdam-Rotterdam-Antwerp region, the European benchmark, has plummeted 18 percent this year. The contract fell as much as 0.4 percent today to $83.55 a ton, according to broker data compiled by Bloomberg.
Bloomberg tracks broker data from ICAP Plc, GFI Group Inc., Marex Spectron Group Ltd., Credit Suisse Group AG, IHS McCloskey, Tradition Financial Services and Tullett Prebon Plc.