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.
Twenty-one miners are trapped in a flooded coalmine in northwest China’s Xinjiang region, Chinese state news agency Xinhua reported on Sunday, citing a local emergency department.
A section of the mine filled with water, leading to power outages just after 6 p.m. (1000 GMT) on Saturday when 29 miners were working at the site in Hutubi county, the report said.
Eight miners have been lifted out.
State media outlet Global Times said 12 of the miners who remain trapped have been located and are expected to be rescued.
The location of nine others has been determined, but their condition is unknown, the newspaper said. The 12 are on a platform around 1.2 km (4,000 feet) below ground, and the layout of the mine is complex, complicating rescue efforts, it said.
Emergency workers have set up several water pumps at the site.
Chinese mines are among the deadliest in the world.
Ten gold miners were confirmed dead in January following an explosion in a mine in coastal Shandong province.
In December, 23 people were killed after being trapped in a mine in the southwestern city of Chongqing. Three months earlier, 16 people died in a coal mine in the same area.
(By Cate Cadell and Sabahatjahan Contractor; Editing by Jacqueline Wong and William Mallard)
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