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.
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Published on October 21, 2021 12:03 PM (GMT+8)Last Updated on October 21, 2021 12:03 PM (GMT+8)