Coal prices may have touched bottom and be poised to rise as disruptions from Colombia to Indonesia threaten supplies, Barclays Plc’s investment-banking unit said in a report.
Benchmark contracts are on the verge of breaking out of a range as workers at Cerrejon, a Colombian coal mine owned by BHP Billiton Plc (BHP), Xstrata Plc (XTA) and Anglo America Plc (AAL), prepare to strike as early as next week, Trevor Sikorski, an analyst at Barclays in London, wrote today. Bad weather in the Pacific Basin may affect shipments from Australia and Indonesia and rail work stoppages may arise in New South Wales, Australia, he said.
“Further price downside could be limited, given the low prevailing levels and the potentially bullish drivers” outlined, Sikorski said.
http://www.bloomberg.com/news/2013-01-25/coal-may-have-bottomed-out-as-supply-cuts-loom-barclays-says.html?cmpid=yhoo
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