How far can the coal rally get?

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From the FT:

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 week working week for domestic mines in a bid to cut overcapacity.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.