ICE clears over 3 million tonnes of gC ICE NEWC Futures on Friday
LONDON AND SINGAPORE – 11 April 2011
globalCOAL ICE Newcastle Futures traded at near-record levels this Friday, 8 April 2011. With 3,040 lots cleared in a single day (equivalent to over 3 million tonnes of coal), this represented the second highest daily volume on record since July 2010.
“Activity in the gC ICE Newcastle contract was already running at higher levels since the beginning of April, possibly influenced by Japanese long-term contract negotiations in progress, and a recent hike in volatility in Newcastle and Richards Bay prices”, explained Patrick Markey of globalCOAL in Singapore. “But Friday saw Brent jump by a considerable $3.98/bbl, which may have contributed to this surge of activity.”
In 2011 to date, ICE has cleared some 43,547 lots of Newcastle Futures – a 23% increase on the same period last year.
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