Copper price extends gain on Chinese recovery while US election looms
Prices climbed as much as 0.9% after China’s monthly services activity expanded at the fastest pace since July.
As part of its on-going efforts to reduce emissions, China will replace four coal-fired power plants with natural gas ones by the end of 2014.
The country is also implementing dozens of similar projects as part of an $8 billion initiative to curb pollution, Reuters reports.
The plants provide heat and generate electricity for Beijing.
In total, they burn 9.2 million metric tonnes of coal per year- 40% of the city’s yearly consumption.
China recently began its crack-down on coal – last month it banned the construction of new coal-fired power plants in three areas around Beijing, Shanghai and Guangzhou.
The country also plans to impose limits on coal burners.
But the black rock currently supplies China with more than three-quarters of its energy demand.
Creative Commons image by: ishmatt
