I'm still a fan of coal - this is why as I've dumped much of my global growth/commodity plays as hedge funds collapse - I've keep fertilizer and coal since they should be the LEAST economically sensitive. In theory you'd want your home heated or the ability to eat food even in a Great Depression - as opposed to say the need for copper to build new buildings. But that is sense, and the market does not use sense - it's all pack trading and every commodity is either bad, or good. Program trading does not seem to discern between coffee, copper, natural gas, or potash. The irony is some commodity drops actually help miners (steel, petrol, et al) as their input costs fall... but again, that would be logical fundamentals talking and we can't have that as we "student body left" trade. As safety standards start to hit in China, many coal mines are closing (less supply) - and once more 80% of all Chinese electricity is coal. India is ramping; and even
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