BTU - Why Peabody Energy Stock Zoomed This Week and Could Run Higher
Shares of Peabody Energy (NYSE: BTU) were dropping 4% on the day as of 9:50 a.m. ET Friday. Yet the coal stock is still up a solid 15% so far this week as of this writing, according to data provided by S&P Global Market Intelligence .
You can thank commodity prices (and it's not just coal that I'm referring to here).
Newcastle coal prices, which are also the benchmark for the Asian market, rocketed this week to above $400 per metric ton and are barely $20 away from record highs as of this writing, according to data from TradingEconomics.com. The figure is also a key global benchmark for coal prices as China and India are the world's largest consumers of coal.
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Why Peabody Energy Stock Zoomed This Week and Could Run Higher