Bloomberg reported Friday that Bank of America has brought down its forecast for thermal coal prices in Australia. European coal prices saw a drop following the announcement, according to Bloomberg.
As quoted in the publication:
Coal for delivery to Europe next year fell 0.6 percent to $77.50 a metric ton, the lowest since Sept. 8, 2009, according to broker data compiled by Bloomberg. BofA lowered its third-quarter price outlook for Newcastle coal by 2.7 percent to $70 a ton and cut its fourth-quarter forecast by 5.3 percent to $71, it said in a report e-mailed today.