Forget US market, forget AIG and their trouble mortgage funds, forget three big cars, (if they go bankrupt, just company's name is changed, and US people still need new cars to drive), they are unrelated with coal industries.
The share price of US largest coal company Peabody (BTU) went up 8.50% last night despite the whole market sliding, australia traders are just too nervous.
Don't forget under-developped African countries, their people still needs electricity and cement, TATA would like to get coking coal from Tete other than buying from other coal mining companies.
US market disagreed with Chinese market trend last night, but will have to follow its up trend tonight.
Cheers
RIV Price at posting:
$2.65 Sentiment: LT Buy Disclosure: Held
