October 9, 2019 / 1:11 AM / 6 days ago

Australia's NAB trims coal price forecast for 2020, raises gold for 2019

FILE PHOTO: An Aurizon coal train travels through the countryside in Muswellbrook, north of Sydney, Australia, April 9, 2017. REUTERS/Jason Reed

MELBOURNE (Reuters) - National Australia Bank (NAB) has trimmed its forecasts for metallurgical coal and thermal coal for next year given weakening longer term demand prospects, it said on Wednesday.

It now sees thermal coal prices averaging at $70 a tonne in 2020, from $76 previously, and hard coking coal averaging at $150 a tonne from an earlier forecast of $156 a tonne, it said in a report. Australia is the world’s biggest coal exporter.

NAB also raised its expectations of average gold price for 2019 to $1,480 an ounce from $1,470 an ounce.

Reporting by Melanie Burton; Editing by Muralikumar Anantharaman

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