China coal prices mark worst week since May on government intervention

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By Shivani Singh and Muyu Xu BEIJING (Reuters) – China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest intervention in years to boost supply and cool runaway prices of the commodity amid a widespread power crunch. The most-traded contract on Zhengzhou Commodity Exchange, for delivery in January, hit the lower daily trading limit of 14% and settled at 1,408.4 yuan ($220) a tonne. That was nearly 30% below a record high hit on Tuesday and down nearly 15% for the week, the biggest weekly drop since May. Coking coal was down 11%…

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