Coal Rises to Record in China as Floods Keep Supply Tight




  • In Business
  • 2021-10-13 01:07:59Z
  • By Bloomberg
 

(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.

COMMENTS

More Related News

Facebook
Facebook's Meta Ticker Trades in Canada, Ignores U.S. Delay

(Bloomberg) -- Meta Platforms Inc., the newly renamed owner of Facebook, has already started trading under its updated ticker symbol in Canada, jumping ahead...

Fidelity Heads North - to Canada - With Bitcoin ETF as U.S. Fund Awaits SEC Approval
Fidelity Heads North - to Canada - With Bitcoin ETF as U.S. Fund Awaits SEC Approval

(Bloomberg) -- Fidelity Investments, one of the world's largest asset managers, plans to join the spate of companies offering investors access to Bitcoin...

Cathie Wood
Cathie Wood's Ark Loads Up on Twitter After Stock Hit Year-Low

(Bloomberg) -- Cathie Wood amped up buying of Twitter Inc. after the stock slumped to its lowest in a year amid founder Jack Dorsey's move to step down as...

U.S. Manufacturing Gauge Reverses Decline in Broad-Based Gain
U.S. Manufacturing Gauge Reverses Decline in Broad-Based Gain

(Bloomberg) -- A measure of U.S. manufacturing advanced in November as new orders accelerated and factories ramped up production and hiring.Most Read from...

Turkey Central Bank Intervenes in FX Markets to Stabilize Lira
Turkey Central Bank Intervenes in FX Markets to Stabilize Lira

(Bloomberg) -- Most Read from BloombergChina Cash Flowed Through Congo Bank to Former President's CroniesReliving the New York Subway Map Debate'Pension...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business