(Bloomberg) -- Chinese thermal coal futures extended gains to another record as the country's mines grapple with the impact of heavy rains in key producing regions.
Most Read from Bloomberg
How France Turned the Humble Roundabout Into a Showcase for Art
What the Front Line of the U.S. Abortion Fight in Kentucky Looks Like Now
NYC's Waldorf Gets Plush Renovation, Becomes Icon of China's Overreach
Tycoon Behind a Crisis-Era Property Crash Now Sits on a $9 Billion Debt Mountain
They Invented the Must-Have Instrument for the Burning Man Set. Now They Want to Kill It Off
Floods have hampered supply from mines in Shanxi, Shaanxi and some other regions, putting further pressure on energy supply during a power crunch that's posing a threat to the nation's economy. China mines and burns more than half the world's supply, and the fuel accounts for more than 60% of the country's electricity generation.
Coal futures on the Zhengzhou Commodity Exchange rose as much as 8.8% Wednesday to 1,640 yuan ($254.30) a ton, a new intraday record for the most-active contract.
China's supply squeeze "may ease during October but the country still needs more supplies for December and January when the weather could be the coldest," Bloomberg Intelligence analyst Michelle Leung said in a Tuesday note.
Most Read from Bloomberg Businessweek
MLB Is Testing Ways to Fix Baseball's Boredom Problem
Anyone Seen Tether's Billions?
As Louisianans Flee Hurricanes, Natural Gas Dollars and Jobs Flood In
©2021 Bloomberg L.P.