Australian coal miners rally on higher commodity prices as Europe demand rises

National Healthcare

19/08/2022 06:44

** Shares of Australia's major coal miners Whitehaven Coal
 WHC.AX , New Hope Corp,  NHC.AX  Yancoal Australia  YAL.AX  and
Coronado Global  CRN.AX  rise between 3.9% and 6.3% 
    ** Newcastle thermal coal futures prices surge amid rising
demand from Europe, which is looking for alternative coal
suppliers to Russia
    ** Data from Australian Bureau of Statistics show coal
exports higher than iron ore exports in May [https://bit.ly/3A6ZVSi
]
    ** "To fill the gaps created by limited gas supply from
Russia, European utilities are burning coal while the focus is
also shifting to how region will withstand demand shocks in
winter," says Kunal Sawhney, CEO of Kalkine Group
    ** Whitehaven Coal  WHC.AX  climbs over 7.5% to A$7.46 -
hits a record high
    ** WHC on track for its fourth straight session of gains
    ** Yancoal Australia  YAL.AX  jumps as much as 10.5%, hits
highest in over three weeks
    ** NHC too set for gains for the third straight session
    ** Coal majors recorded gains between 53.3% to 165.5% this
year, as last close      

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))