BEIJING: China's thermal coal futures soared more than 6 per cent on Wednesday , hitting a level last seen in late November as investors grew concerned over tight supply ahead of a national holiday when coal mines typically slow operations or shut down.
The rally is in line with the upward trend on the spot market, with benchmark prices for 5,500 kilocal coal at northern ports having gained 18 per cent so this year to 935 yuan a tonne as of Tuesday, data tracked by China Coal Transportation and Distribution showed. Private firms in China, including coal mines, typically shut down one week or more ahead of the Lunar New Year, kicking off on Jan 30 this year and when hundreds of millions of workers travel back to their hometowns.
Meanwhile, a cold snap is expected to hit northern China during the week of Lunar New Year celebration, which could drive up coal consumption at utilities.
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