Page 119 - Min News Today

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.

Earnings for China's power utilities during the first three quarters of 2021 have plunged as the companies were squeezed by surging coal costs that they could not pass on to consumers.

Chinese coal traders say they are scrambling for price information on spot transactions, relying on personal communications as Beijing steps up scrutiny amid efforts to tame prices.

The United Nations called on Wednesday for the world's biggest economies to ensure net zero commitments made by financial institutions were robust, backed by science and ended financing for new fossil fuel projects.

China's state planner said it met with coal producers and the industry association on Wednesday to discuss measures to intervene in coal prices, as well as details such as price levels and the time frame for their implementation.

Copper prices are due to extend their decline next year from record levels touched in 2021 as mine supply ramps up and economic growth tapers in top market China, a Reuters poll found.

For investors seeking to burnish sustainable portfolios, coal mines are an anathema.

Antofagasta Plc said on Wednesday it would ask U.S. officials to reconsider a proposed 20-year ban on mining in Minnesota's Boundary Waters region, a plan announced last week that would block its Twin Metals copper and nickel project.

India on Wednesday rejected calls to announce a net zero carbon emissions target and said it was more important for the world to lay out a pathway to reduce such emissions and avert a dangerous rise in global temperatures.

The World Trade Organization on Tuesday agreed to set up a panel to examine China's imposition of duties on imported Australian wine, a trade source said.