From Macquarie this morning There is, however, also a question...

From Macquarie this morning

• There is, however, also a question to ask about how ‘real’ or ‘representative’ this rally really is? Transactions on the trading platform globalCOAL over the past month, which feed into spot price assessments from various index providers, have totalled just 510kt in volume. The two recent trades, done at $139.50/t and $160.00/t, were both in 75kt clips. These transactions likely represent participants caught scrambling to cover shorts, not necessarily representative of the market as a whole.