It may be a tad early to call a peak in the price of thermal coal in top-consuming region Asia, but at the very least the momentum seems to have been lost from a commodity that has surged some 130 percent in the past 10 months. If coal prices have already peaked, the question is which of the World War II battles of Dunkirk or Stalingrad will the retreat most resemble. A Dunkirk-style retreat would see coal prices hold on to much of their gains this year, just as the British Army managed to keep much of its fighting strength by evacuating from France in the face of a German victory in 1941. A Stalingrad-style defeat would see coal prices surrender most of […]