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European coal futures shows improvement as oil prices increase

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European coal futures shows improvement as oil prices increase

TheEuropean API2 2017 coal futures increased by 1.46% to $41.80 per tonne fromMarch 29's settlement, attributable to an incremental increase in oil prices,Reuters Africa reported March 30.

Europeancargoes for May delivery to Amsterdam, Rotterdam or Antwerp also showed amarginal increase at $45 per tonne, said the report citing a trader.Meanwhile, another trader noted that activity has been quiet since Colombia'slargest coal mine, Cerrejon, avoided a union strike, Reuters reported.

Despitethe seen recovery in coal, medium and long term outlook remains bearish due tosupply glut, "The longer the supply-side fails to curb oversupply, thelonger prices will take to recover, and the supply cuts are by no means aforegone conclusion," Reuters quoted Societe Generale Analyst Paolo Cogheas saying.

Oilfutures also improved to roughly $40 per barrel, attributable to weaker dollarwhich drove interest in riskier assets, Reuters wrote.