Traded volumes of OTC and exchange-cleared European-delivered thermal coal derivatives jumped to a three-month high of 132.47 million mt in February, according to London Energy Brokers' Association data Tuesday.
API2 (CIF ARA) traded volumes during the month were up 13% on January but down 19% year-on-year. Monthly API2 volumes averaged 135.78 million mt in 2012 and 125.17 million mt in 2011.
Total traded volumes of all coal swaps -- including South African API4 (Richards Bay FOB) and Newcastle FOB contracts -- rose to 220.46 million mt, up 21% month-on-month and up 9% on the year.
Cleared transactions accounted for 65% of the total traded API2 volumes in February, up from 59% a year earlier, while cleared deals made up 62% of the month's total API4 trade, according to the data.
API2 swaps prices have generally trended downwards over the last few weeks, despite a string of disruptions in Colombia that tightened physical coal supply.
The benchmark year-ahead API2 contract lost over $2 during February to close at $98.10/mt on February 28, according to Platts data. By Monday, it had closed at a fresh year-to-date low of $95.60/mt.
