Volatility bites into J.P. Morgan coking coal price forecasts
Dec 12, 2008 | 07:24 AM
| Mick Bowen
J.P. Morgan Securities Inc., New York, has lowered its price forecasts for coking coal to $135 a tonne from $200 a tonne for 2009 and 2010.
Hard coking coal prices are estimated at $135 a tonne for the period, while semi-soft material will likely sell for $90 a tonne, analysts at bank said.
"Given the high volatility and uncertainly in the current market environment, we continue to see downside risks to the current pricing environment, driven by the tough credit environment," J.P. Morgan analyst John Bridges wrote in a report. "Thus, we have reinstated the bear case scenario as a worst case screen for financial stability, which assumes that the recession extends and deepens into 2010."....
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