Swaps lose $5/mt on oil price crash

European API2 (CIF ARA) coal swaps were shorn of around $5/mt Tuesday after a mid-afternoon crash in crude oil prices caused a spurt of late paper selling. Traders said that after a choppy start to the session with prices seesawing, API2 and API4 contracts had dropped on average $6/mt lower before finding support to close around $5/mt down day-on-day. At the close of trading, Platts assessed the API2 Cal-09 contract at $200.50/mt, down $4.50/mt day-on-day.
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