Coal and CPO Strengthen in a Week, Coal commodity prices have strengthened in the week amid India’s plans to increase train carriages to transport coal. The price of crude palm oil (CPO) also turned green this week with the potential for stronger trading this week.
The price of coal futures contracts for March 2024 at ICE Newcastle in trading Friday (23/2/2024) recorded a strengthening of 0.40% or 0.50 points to the level of 125.25 per metric ton. This contract has strengthened 2.04% in the week.
Then, the delivery contract for April 2024 also strengthened by 0.36% or 0.45 points to 124.75 per metric ton. Within a week, this contract rose 1.59%.
Quoting CoalMint, Indian Railways plans to operate 600-650 coal goods trains every day to meet electricity demand this summer. India’s Ministry of Railways plans to add 4,000-4,500 train coaches by April 24, 2024, with the potential to add another 3,000 coaches if demand increases.
Meanwhile, currently there are 350 freight trains carrying coal, with plans to add 70 more after February 24 2024. Coal demand for the 2025 fiscal year is estimated at 874 million tons, while production is around 1,111.6 million tons.
Coal and CPO Strengthen in a Week. Based on Business records, China, as the highest carbon emitting country in the world, is at risk of not achieving its climate target by 2025 and is at risk of experiencing economic losses.
Climate analysts at the Center for Research on Energy and Clean Air (Crea) also said that to overcome the challenges posed by the uncontrolled surge in coal-fired power plant construction, China must cancel policies that support the expansion of coal plants.
Next, the price of CPO or palm oil on the Malaysian Derivatives Exchange in March 2024 has strengthened 13 points to 3,967 ringgit per metric ton. Within a week this contract has strengthened by around 1.51%. Then for the reference contract in May 2024, palm oil strengthened by 12 points to 3,851 ringgit per metric ton, and strengthened around 1.16% in a week.
