May 29, 2018 / 3:01 AM / 5 months ago

China's coal futures on track for best day since Nov 2016 on supply worries

BEIJING, May 29 (Reuters) - China’s thermal coal prices climbed more than 4 percent on Tuesday and were on track for their biggest one-day gain since November 2016 as investors continued to fret about supplies due to strong demand.

Investors piled on bullish bets even after Beijing intervened last week to try and boost supplies in an effort to snuff out the red-hot rally, which the government says is not supported by fundamentals.

At 10:56 a.m. (0256 GMT), the most-active futures for delivery in September were up 3.92 percent at 625.4 yuan per tonne. Earlier in the session, they had rallied to 626.8 yuan. (Reporting by Josephine Mason)

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