Coal news and updates

Shanghai aluminum drops as falling coal prices ease supply worry

Shanghai aluminum prices fell to their lowest in over a month on Friday as a drop in coal prices in China eased concerns of supply shortage in the metal.

The most-traded November aluminum contract on the Shanghai Futures Exchange shed as much as 7.4% to 21,550 yuan ($3,369.40) a tonne, its lowest since Sept. 6.

Three-month aluminum on the London Metal Exchange rose 0.7% to $2,932 a tonne by 0156 GMT, after dropping as much as 5.5% in the previous session.

China’s thermal coal futures slid 11%, extending losses since Tuesday when they toppled off record highs as Beijing signaled it would intervene to cool surging prices to help electricity producers out of a widespread power crunch.