Looks quite positive! Newcastle coal futures, the benchmark for...

Looks quite positive!

Newcastle coal futures, the benchmark for top consuming region Asia, were trading around the $400-per-tonne mark as prospects of increased supplies prompted investors to unwind some long positions following a massive rally that drove prices to a record level earlier this year. China, the world's largest coal consumer and producer, announced that it would boost domestic production to ensure its energy security in a tight global market. Still, coal prices are poised to remain elevated amid robust demand and persistent supply disruptions exacerbated by the war in Eastern Europe. Europe is now turning to seaborne coal from South Africa, Indonesia, and even as far away as Australia as it halts imports from Russia. Demand for coal in India, the world's second-biggest coal importer behind China, is expected to rise almost 10% in 2022 as the country's economy expands and electricity use increases.