An international agreement has been reached to reduce world’s exposure to coal on Saturday during U.N. climate talks in Glasgow which weighed heavily on coal miners shares in Asia.
During the climate talk a deal was singed targeting the use of fossil fuels however, the wording saw a softer tone of “phase down” rather than “phase out” with India lobbying in.
Coal prices hit record highs this year amid a supply shortage. However, coal near term spot prices took room to breathe after on Monday China world’s largest producer and consumer of coal reported highest output since March 2015.
The deal in Glasgow hit heavily on Asian miners’ stocks with Shenzen Stock Exchange’s miners index inched down about 1%.
Banpu Pcl. (BANPU) and The Lanna Resources Pcl. (LANNA) inched down by 2.73% and 1.15% as of Thailand time 14:20 hours.