When it comes to China’s coal production, is it more important that output in November recorded yet another decline year-on-year, or that it rose for a second straight month? The inclination is often to take the number and interpret it in the way that best suits the narrative you wish to tell. If you want to be bullish on coal prices, the 5.1 percent decline in domestic coal production to 308.1 million tonnes in November from the same month in 2015 would be your focus. If you wanted to be bearish, the fact that coal production rose 9 percent from October, the second straight monthly gain, is more vital. October’s coal output was 281.85 million tonnes, meaning that in volume terms China mined 26.25 million tonnes more in November. […]