If the first rule of macro trading is “don’t fight the Fed” then the first rule of raw materials must be “don’t fight Beijing”.
It is a truth coal traders are discovering after China upended the market with plans to impose a five-day working week in a bid to cut overcapacity.
Since the policy was announced in March, the price of thermal coal has risen by 20 per cent as Chinese traders have been forced to chase cargoes in the seaborne market or draw down stocks.
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