Citigroup cuts copper forecast on tariffs risk, China outlook
The bank has cut its short-term outlook for copper prices by 11% to $8,500 a ton over the next three months.
China’s second-largest energy company will invest $11.3 billion to build the country’s largest coal-to-gas project, reports Proactive Investors Australia.
Sinopec Group will construct the project in eight to 10 years in northwest Xinjiang to meet the increasing demand for natural gas. It will have an annual production capacity of 8 billion cubic metres.
Two coal mines in Zhudong, which each produce 15 million tonnes annually, will supply the nearby facility.
Sinopec will transport the natural gas through a 30 bcm/year pipeline to the southern Guangdong and eastern Zhejiang provinces.
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