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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CHINA
China's thermal coal futures on the Zhengzhou Commodity Exchange have surged to a fresh record high today after the Securities Times reported that two mines in Shaanxi have been affected by heavy rains. According to Caixin Global, the rainfall was so severe that it overtopped dams causing landslides and flooding.
- Shaanxi mine outages came after adverse weather conditions shackled the bulk of mining capacity of neighbouring Shanxi province, China's other major coal hub. As many as 60 of Shanxi's 682 mines have been shut owing to severe floods over the recent days. Xinhua reported that Shanxi had received over three times the average monthly rainfall for October just last week.
- Local authorities are scrambling to boost output. Shanxi, Shaanxi and Inner Mongolia pledged to supply 145mn tons of coal in Q4, in response to an instruction from the National Development and Reform Commission (NDRC).
Fig. 1: ZCE Thermal Coal Futures (CNY/MT)
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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