Bank of America Lowers Thermal Coal Price Forecast

Industrial Metals

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.

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.

Click here to read the full Bloomberg article.

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