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https://www.asktraders.com/analysis/glencore-down-3-on-qatar-stake-sale/
Could this be the reason?
https://twitter.com/JavierBlas/status/1488115892630261764?cxt=HHwWiMC4zaPh7KYpAAAA
I agree.
Richards Bay - https://www.barchart.com/futures/quotes/LV*0/futures-prices
Rotterdam - https://www.barchart.com/futures/quotes/LUZ21/futures-prices?viewName=main
Newcastle - https://www.barchart.com/futures/quotes/LQZ21/futures-prices?viewName=main
Richards Bay - https://www.barchart.com/futures/quotes/LV*0/futures-prices
Rotterdam - https://www.barchart.com/futures/quotes/LUZ21/futures-prices?viewName=main
Newcastle - https://www.barchart.com/futures/quotes/LQZ21/futures-prices?viewName=main
Richards Bay - https://www.barchart.com/futures/quotes/LV*0/futures-prices
Rotterdam - https://www.barchart.com/futures/quotes/LUZ21/futures-prices?viewName=main
Newcastle - https://www.barchart.com/futures/quotes/LQZ21/futures-prices?viewName=main
It looks like profit taking to me as the coal prices are still in uptrend.
Richards Bay - https://www.barchart.com/futures/quotes/LV*0/futures-prices
Rotterdam - https://www.barchart.com/futures/quotes/LUZ21/futures-prices?viewName=main
Newcastle - https://www.barchart.com/futures/quotes/LQZ21/futures-prices?viewName=main
LostSanity, i agree its likely due to the fact the forward guidance was much lower than expected.
'The company on Thursday guided towards an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $21.7 billion in 2022, below analysts' expectations. RBC Capital Markets had forecast an adjusted spot EBITDA of $27 billion for next year, while Jefferies had put it at $23.7 billion.'
This is a big miss but it opens up opportunities to buy the dip. Glencore is a great company and it should recover quickly.
It seems likely to be related to this. The SP plunge happened after the investor update was announced.
https://www.lse.co.uk/news/GLEN/activist-urges-glencore-to-spin-off-coal-assets-bkgr5cl4qbb1pug.html
Richards Bay -
https://www.barchart.com/futures/quotes/LV*0/futures-prices
Rotterdam -
https://www.barchart.com/futures/quotes/LUZ21/futures-prices?viewName=main
Newcastle -
https://www.barchart.com/futures/quotes/LQZ21/futures-prices?viewName=main
Just to confirm the coal prices for Richards Bay are up
https://www.barchart.com/futures/quotes/LV*0/futures-prices
This morning the Rotterdam coal prices are starting to rise and it usually a good indicator of what's to come for the other regions.
https://www.barchart.com/futures/quotes/LUZ21/futures-prices?viewName=main
Fingers crossed for Richards Bay