Coal prices double due to demand from Asia

Coal prices double due to demand from Asia

FTSE 100 market has dipped in to the red today, down 0.33pc (-26.08pts), with losses in mining and oil majors weighing heavily on the index.

Copper prices were hit by a strong dollar leaving mining giants causing shares to fall in Anglo American, BHP Billiton, and Rio Tinto.

Royal Dutch Shell and BP stocks also headed downwards tracking a decline in the European oil and gas index, although traders say that the industry’s strong performance in recent weeks has left investors “pocketing profits” today.

Thermal coal, however, has defied analyst expectations with prices doubling from 2016 lows. Labelled the least-loved major commodity by sector analysts, Asian demand for high-grade thermal coal has greatly boosted the share price of big producers

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