JAKARTA, investors.id – Coal prices have risen trading Monday (18/9/2023). Sentiment from China is the support.
On Monday (18/9/2023), the price of Newcastle coal for the September 2023 futures contract rose US$ 0.25 to US$ 160.75 per ton. Meanwhile, the October 2023 futures contract increased by US$ 1.60 to US$ 167.75 per ton. Meanwhile, the November 2023 futures contract increased by US$ 0.65 to US$ 169.75 per ton.
Meanwhile, until this news was broadcast, the price of Rotterdam coal for the September 2023 futures contract had risen by US$ 0.25 to US$ 122.50. Meanwhile, the October 2023 futures contract fell US$ 1.05 to US$ 124.10. Also, the November 2023 futures contract weakened by U$S 1 to US$ 124.30.
Research and Development ICDX Girta Yoga estimates that this week coal prices will continue the trend bullish. Looking at the current situation, it is likely that the increase in coal demand will persist or continue in September. Mainly stems from China’s sentiment in releasing the data output an industry with positive growth will further increase this confidence. In fact, there is the potential for coal prices to reach their highest level again this week.
“Coal prices are predicted to move towards resistance in the price range of US$ 170 – 185 per ton. “If there is a negative catalyst, the price has the potential to fall towards the support level in the price range of US$ 150 – 135 per ton,” said Yoga to Investor Daily, recently.
Not only that, China issued new guidelines to strictly regulate coal mines that are at risk of severe disasters. China previously launched stricter safety inspections in July after two accidents.
Editor: Indah Handayani
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