30 November 2022 | Other

Freezing temperatures in northwest China threaten livestock production and heating

Mongolia’s meteorological bureau reported that temperatures in the country have plunged to minus 47 degrees Celsius. Deteriorating weather conditions are caused by a cold front coming from China. Climate changes have spurred demand for fuel that is used to heat houses. A record low of 14 degrees Celsius is expected to hit some southern regions of the country, according to the China Meteorological Administration. 

A recent cold snap boosted resilience in coal prices this week. Earlier, the cost fell by 11%. Fears over falling demand for power served as a trigger, since the Chinese government has now reinforced anti-COVID measures for several major cities. Moreover, there is a risk of reduced fuel supplies from the northwestern fields due to the upcoming snowfall. 

Officials said several flocks of sheep, along with other cattle, could not be saved as a result of the severe cold snap. 

The Chinese weather bureau is also warning households that heating costs are likely to skyrocket as a cold front is expected to persist next week.

Company MarketCheese
Period: 14.05.2025 Expectation: 1650 pips
Technical and fundamental background supports AUDCAD
07 May 2025 66
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Period: 08.05.2025 Expectation: 550 pips
EURUSD to drop to 1.13000
07 May 2025 50
Period: 13.05.2025 Expectation: 240 pips
Brent crude price rebound to continue up to 65
07 May 2025 52
Period: 14.05.2025 Expectation: 1000 pips
Buying GBPUSD amid trade talks and weaker dollar with target at 1.344
07 May 2025 31
Period: 12.05.2025 Expectation: 1500 pips
USDJPY rebound fades ahead of Fed meeting
06 May 2025 66
Period: 30.05.2025 Expectation: 975 pips
Natural gas maintains upside potential within megaphone pattern
06 May 2025 67
Go to forecasts