Australian coal prices jump 10% as storm halts shipments

Australian coal cargo prices soared 10% this week after a huge storm hit the country's east coast, forcing the Newcastle export terminal to stop all ship movements, while meteorologists have warned that another storm was gathering off the coast. The cyclonic storm, which is lashing Australia's east coast for a third day and has been declared a catastrophe, has destroyed houses, cut power to more than 200 000 homes and caused millions of dollars of damage in Sydney and other cities.