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Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
 Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing services for four new swap futures and options on swap futures contracts.
These new contracts are settled against the API 2* and API 4* indexes published in the Argus/McCloskey’s Coal Price Index Report. Trading will be available on the New York trading floor and CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. Trading and clearing are scheduled to begin on September 12 for trade date September 13. These contracts will be listed by NYMEX and subject to the rules and regulations of NYMEX and CME.
The indexes used for clearing and settlement are compilations of prices for steam coal, which is used for the production of electrical power, and are jointly calculated and published by Argus and IHS McCloskey, part of IHS (NYSE: IHS). The API 2 index is the international price benchmark for coal imported to northwestern Europe. The API 4 index is the international price benchmark for coal exported from the Richards Bay terminal in South Africa.
“Coal, which we have listed since 2003, continues to be an essential global commodity that our customers use to meet future energy needs,” said Joe Raia, CME Group Managing Director of Energy Products and Services. “Coal processors, producers, commercials and banks who lend money to international coal operations all have price exposure, but trading in international coal still represents less than 20 percent of the total coal consumed. Swap futures on these new coal contracts, which clear as regulated futures contracts, can be used as a means to hedge their activity related to these markets in an environment in which counterparty credit risk is mitigated.”
“The API 2 and API 4 price assessments are the key benchmarks for the international coal industry and are used heavily in spot, term and derivative contracts,” said Adrian Binks, chairman and chief executive of Argus Media. “As 95 percent of the world's traded coal derivatives are settled on the API 2 and API 4 indexes, it makes sense for CME Group to develop their new trading instruments around these key prices. We wish CME Group every success with their new contracts, which will add to the portfolio of risk management services available to coal market participants."
“We are delighted that the world’s oldest, and one of the most prominent, futures and options exchanges is to list coal contracts for trading and clearing that are settled against the API 2 and API 4 indexes,” said John Howland, Publisher, IHS McCloskey. “We are confident that this will enhance liquidity in all API 2 and API 4 related markets by bringing these risk management tools to new players. IHS McCloskey was one of the first to launch international coal indexes nearly two decades ago and today the vast majority of the world's internationally traded coal derivatives use the API 2 and API 4 indexes for price settlement.”
The four new financially settled listings beginning with the October 2010 contract month include:
Coal (API 2) cif ARA (Argus/McCloskey) Swap Futures
Coal (API 2) cif ARA (Argus/McCloskey) Option
Coal (API 4) fob Richards Bay (Argus/McCloskey) Swap Futures
Coal (API 4) fob Richards Bay (Argus/McCloskey) Option
The monthly futures contracts will be 1,000 metric tons in size, with a minimum price fluctuation of $0.05 (5 cents) per metric ton. CME Group customers who trade the recently launched Dry Freight contracts will be eligible for capital efficiencies by cross margining against the coal index contracts. For more information on the contracts, please go to www.cmegroup.com/coal.
Source: Futuresmag
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Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
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- Star Paper Mills Limited - India
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- Coal and Oil Company - UAE
- Australian Coal Association
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- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
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- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
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- Energy Link Ltd, New Zealand
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- Africa Commodities Group - South Africa
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- Port Waratah Coal Services - Australia
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- London Commodity Brokers - England
- White Energy Company Limited
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- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
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- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
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- Banpu Public Company Limited - Thailand
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- Petron Corporation, Philippines
- SMC Global Power, Philippines
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- Electricity Generating Authority of Thailand
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- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
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- GMR Energy Limited - India
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- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
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- Indonesian Coal Mining Association
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- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
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- The Treasury - Australian Government
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
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- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
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- Larsen & Toubro Limited - India
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- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
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- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
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- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Planning Commission, India
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- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
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- Maheswari Brothers Coal Limited - India
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- Commonwealth Bank - Australia
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- Global Green Power PLC Corporation, Philippines
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