Global Commodities Holdings says that, following its announcement of globalCOAL Richards Bay Coal Futures actively trading on ICE Coal Futures market on October 20, there has been continued interest and active trading of the futures contract.
Friday saw the first physical RB1 trade on the globalCOAL platform Exchange of Futures for Physical terms with both the physical and index legs settling on the gC RB index.
The 50 000 t RB1 trade for loading in December was transacted at $61.75/t.
“globalCOAL is the primary source of data in the Richards Bay hub. This hub has seen heightened physical trading interest in the past months, increasing the need for reliable benchmarks against which companies can manage their risk exposure.
"The market is clearly re-evaluating its options in the Richards Bay coal market and I am delighted that globalCOAL’s robust and objective index methodology is recognised by the market, as well as by the UK’s Financial Conduct Authority, as a reliable reflection of market activity,” says globalCOAL CEO Martin Abbott.