India may build new coal-fired power plants as they generate the cheapest power, according to a draft electricity policy document seen by Reuters, despite growing calls from environmentalists to deter use of coal. Coal's contribution to electricity generation in India fell for the second straight year in 2020, marking a departure from decades of growth in coal-fired power. Environmental activists have long rallied against India adding new coal-fired capacity.
Technically, the main trend is up. If the upside momentum continues then look for the move to extend into the $2.802 – $2.868 retracement zone.
The big up move for the week was fueled by positive oil demand growth outlooks by both the IEA and OPEC and a bigger-than-expected draw from the EIA.