13 Jan '11, 2pm

Commodity prices up amid Australia floods

SINGAPORE: Commodity prices are set to continue to trend upwards, aggravated further by the floods in Australia. But some analysts say this could in turn benefit commodity exporting countries in Asia such as Indonesia. The floods in Queensland have submerged coal production in Australia. With Australia -- a major supplier of coal to Asian steel producers -- grappling with the destruction, other countries might step up their output to plug the gap. Phillip Futures asian commodities manager Avtar Sandu said: "For certain countries, especially Indonesia, which is the second largest exporter of thermal coal, it will be good for those exporters. "The ports will be affected by the flooding especially in Queensland and a lot of people will rather buy or sign long-term contracts with Indonesian coal exporters. "The full impact has yet to be felt. What I feel is that the flooding i...

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