A short ‘call option’ position has given major impetus to arecent rally in European CIF ARA thermal coal futures, which has seenthe year-ahead Cal-17 contract price rise almost $5/mt in just under a week, trading sources said Tuesday.A major counterparty was widely said to have written a call optionfor the Cal-17 with a strike price of $50/mt some months before,resulting in significant mark-to-market losses when Cal-17 began toedge above this level around June 1.
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