China steam coal futures rise 1.04 pct in trading debut
SHANGHAI, Sept 26
SHANGHAI, Sept 26 (Reuters) - Steam coal futures on China's Zhengzhou Commodity Exchange opened up 1.04 percent in their trading debut on Thursday in brisk volumes, reflecting strong investor interest as miners and end-users in the world's top importer of the resource look for much-needed hedging tools.
The most-active January steam coal contract opened up 1.04 percent. It soon rose to a high of 529.6 yuan per tonne, up 1.85 percent from a base price set at 520 yuan.
China is the world's top coal consumer and producer, churning out 3.7 billion tonnes of the resource last year. Thermal coal accounts for nearly 80 percent of total power generation in the country.
Analysts say the rollout of China's first steam coal contract will give Beijing greater influence over global coal prices, and the moves come as the country looks to gradually open up its financial sector in a drive to make economic growth more consumption-oriented. (Reporting by Fayen Wong; Editing by Jacqueline Wong)