The majority of large coal stocks were observed to have increased in the first trading session on Thursday (21/11/2024), amid high global coal prices and the impact of the weakening rupiah. This was also influenced by the escalation of the war between Russia and Ukraine which is getting wider.
PT Bayan Resources Tbk (BYAN) shares were the highest gainer in session I (21/11/2024), jumping 5.28% to Rp 18,950 / unit, followed by Delta Dunia Makmur (DOID) with an increase of 3.17%, and Indo Tambangraya Megah (ITMG) in third place with a gain of 2.81%. Meanwhile, United Tractors (UNTR) perched in 4th position with an increase of 1.51%.
This increase occurred after the United States (US) allowed Ukraine to use its long-range weapon, the Army Tactical Missile System (ATACMS), to attack Russian cities. Launching from Refinitiv, the Newcastle benchmark global coal price for the December contract on Wednesday (20/11/2024) was recorded at US$142.25 per ton, up 0.35% from the previous position.
As we known, Russia and Ukraine are coal suppliers to Europe and the world. If the war continues, there are concerns that the supply of coal will be hampered so that the price will be even higher.
Source : cnbcindonesia.com
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