ANZ reports that weakness in the two coals persists amidst a continuing bearish outlook for commodities. Thermal coal markets declined 1.2% overnight while prices in the physical Newcastle market remained relatively unchanged at historic lows. Nonetheless, the broker notes that a flurry of activity from South Korea and Japan could support a rebound in physical Newcastle prices from lows near USD75/t. In other commodity news, iron ore physical prices have rallied 1.5% in line with gains in China domestic steel and iron ore swap markets.
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