First, it’s demonstrably correct to say that day by day WHC is not following 4% ups and downs in coal price. Hagetaka is probably the best and most well considered poster on here in my view
Second, the month end changeovers in future contracts create some “fake” movements… if you really want to try and link coal stock values to daily coal prices you should do some historical research and see for yourself how this plays out during the first week of every month.
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