Jakarta, CNBC Indonesia – Coal prices fell in yesterday’s trading. Maybe investors want to withdraw the profits from coal contracts which are quite high.
Yesterday, the price of coal on the ICE Newcastle (Australia) market closed at US$ 156/ton. Ambles 11.36% from last weekend’s position.
This correction made coal prices plummet for two consecutive trading days. During those two days, the price of the black stone fell 15.45%. Wow…
However, this correction was preceded by a long rally. Previously, coal prices had risen for eight consecutive trading days. In those eight days, the price skyrocketed 26.59%.
So, it is natural for investors to be tempted. How 26.59% is not a small amount, so it deserves to be diluted. Profit action (profit taking) this seems to have made coal prices fall in the last two days.
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