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Two Ways: BHP Cools on Coking Coal


Strengthen your portfolio in good times and bad.

BHP Slashes Coke Prices

BHP Billiton (BHP) said it has agreed to slash its annual coking coal prices by almost 60% after demand for the steelmaking material fell. The company said it has already settled a "significant portion" of supply contracts with "key global customers," according to Bloomberg.

In April, the world's largest mining company said that it expected coking coal production to be about 10 to 15 percent less than current capacity this year because of lower demand. Sales of the coal amounted to about 7% of BHP's total revenue for its fiscal year which ended in June.

From the Bull Pen: The hard asset plays like BHP continue to outperform. Those bullish can set a sell stop 2% below entry. And speaking of steel, see the daily chart of ArcerlorMittal (MT). There's support at $32 and $30. Those bullish can set a sell stop below those levels depending on your risk profile.

From the Bear Cave: Is the countertrend rally in the dollar over? Consider a play in the bearish dollar fund (UDN); a sell stop can be set below the recent low ($26.40).

Quick Check Around the World

Asian trading closed with the Hang Seng 4.03%, India 2.25%, Shanghai 1.02%, Nikkei 2.09%, and Taiwan 0.75%.

Glancing towards Europe, we see the FTSE 2.21%, CAC 2.01%, DAX 2.46%

As of 8:00 AM EST, S&P Futures are trading +12 to 952.00, and Nasdaq futures are +11 to 1512.00.

A Look at Commodities

Over in commodities, crude oil is trading +1.21 to 71.22 while gold is +10.6 at 965.30 this morning. Silver is +0.330 to 15.47 and copper +0.20 to 236.75.

The dollar index is -0.1400 to 79.6850.

On the Radar


08:30 Trade Balance: -$28.7 bln
10:00 Crude Inventories
02:00 Treasury Budget
02:00 Fed's Beige Book
Click here for the full trading radar.

It's the hump! Good luck!
No positions in stocks mentioned.

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