London November 03, 2021: Coal for next year delivery in Europe had its biggest gain since February 2020, as colder weather in China is set to increase global demand.
The ICE contract added as much as 12% on Wednesday to $112 per ton, after losing more than a third of its value in the last two weeks. The market is tracking developments in China closely, where prices rose for the first time in 10 days with colder weather forecast.
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“China is the biggest consumer of coal in the world and the development there will have a big effect on the global market,” Swedish energy consultant Swecosaid in emailed note.
The benchmark German power contract for next year rose as much as 6.9% to its highest level in November at 115.85 euros per megawatt-hour. EU carbon added as much as 1.2% to 60.20 euros per ton.
