AlwaysFree: China’s Coal Futures Extend Fall After State Planner Considers Intervention

China’s thermal coal futures on the Zhengzhou Commodity Exchange plunged 11% at the start of Wednesday’s night session, extending a fall 24 hours earlier after the National Development and Reform Commission said it considered intervention to cool down overheated prices. The statement triggered an 8% decline in the futures in Tuesday’s night session. The latest drop means the prices had fallen nearly 20% from the all-time high of CNY1,982 ($310) per ton on Tuesday. However, the contract was still 200% higher than at the beginning of the year as supply remained tight. Meanwhile, coking coal and coke futures on the Dalian Commodity Exchange plunged by more than 10% and 8%, respectively, at the beginning of Wednesday’s night session.