A coal-burning power plant can be seen in the city of Baotou, in China's Inner Mongolia Autonomous Region, October 31, 2010. REUTERS/David GrayNDRC to cleanup illegal storage sites, ban sites without OKBEIJING, Oct 27 - China's thermal coal futures slumped to their lowest in more than a month on Wednesday, marking a sixth consecutive day of declines, after the country's state planner said it would conduct "clean up and rectification" work on coal storage sites.
The contract is down more than 40% from the record highs hit last week on the back of a coal supply shortage but it is still up by more than double since the start of the year. A slew of government measures in the last few days has seen open interest in thermal coal futures fall sharply as players liquidated positions.
Other commodities futures prices followed thermal coal, trading largely in the red on Wednesday morning. Coking coal and coke futures also hit their limit down of 9%, while liquefied petroleum gas closed down 6.33%.
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