Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report presents the basis, inter - period, and inter - variety data of various futures products on different dates from June 19 to June 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [2][10][15]. Summaries by Directory Power Coal - **Basis Data**: The basis of power coal on June 25, 2025, was - 184.4 yuan/ton, showing a slight change compared with previous days [2]. - **Inter - period Data**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0.0 [2]. Energy and Chemicals Energy Commodities - **Basis Data**: For crude oil, fuel oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented on different dates. For example, the basis of INE crude oil on June 25, 2025, was - 32.94 yuan/ton, and the ratio of crude oil to asphalt was 0.1527 [9]. Chemical Commodities - **Basis Data**: The basis of various chemical products such as natural rubber, methanol, PTA, LLDPE, and PP showed different values on different dates. For example, the basis of natural rubber on June 25, 2025, was - 20 yuan/ton [10]. - **Inter - period Data**: Different inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) are provided for various chemical products [10]. - **Inter - variety Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, and PP - 3*methanol are presented on different dates [10]. Black Metals - **Basis Data**: The basis of products like rebar, iron ore, coke, and coking coal showed fluctuations from June 19 to June 25, 2025. For example, the basis of rebar on June 25, 2025, was 74.0 yuan/ton [15]. - **Inter - period Data**: Different inter - period spreads for rebar, iron ore, coke, and coking coal are given. For example, the 5 - 1 month spread of coke was - 16.5 yuan/ton [15]. - **Inter - variety Data**: The inter - variety ratios such as rebar/iron ore, rebar/coke, and coke/coking coal, as well as the spread between rebar and hot - rolled coil, are presented on different dates [15]. Non - ferrous Metals Domestic Market - **Basis Data**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin showed different values on different dates. For example, the basis of copper on June 25, 2025, was - 50 yuan/ton [23]. - **LME - related Data**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin are provided on June 25, 2025 [30]. London Market - **Basis Data**: LME basis data is presented, along with Shanghai - London ratio and import profit and loss data [32][33][34]. Agricultural Products - **Basis Data**: The basis of products such as soybeans, soybean meal, soybean oil, and corn showed different values on different dates [40]. - **Inter - period Data**: Different inter - period spreads for various agricultural products are given [38][40]. - **Inter - variety Data**: The inter - variety ratios and spreads such as soybean 1/corn, soybean oil/soybean meal, and soybean meal - rapeseed meal are presented on different dates [38]. Stock Index Futures - **Basis Data**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures showed different values on different dates from June 19 to June 25, 2025. For example, the basis of CSI 300 on June 25, 2025, was 37.27 [48]. - **Inter - period Data**: Different inter - period spreads (next month - current month, current quarter - current month, etc.) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [48].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 26 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | 震荡偏强 | 震荡偏强 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：震荡偏强 核心逻辑：昨日各股指均单边大幅上涨，午后快速拉涨。股市全市场成交额 16394 亿元，较上日放量 1915 亿元。板块题材上，大金融、军工、半导体板块领涨。受 ...

1. Report Industry Investment Rating - There is no clear report industry investment rating provided in the content 2. Core Views of the Report - The overall view for most of the agricultural commodity futures in the report is "oscillating weakly" in the short - term and "strong" in the medium - term, including soybean meal and palm oil [5][7] 3. Summary by Relevant Catalogs 3.1. Soybean Meal (M) - **Time - related Views**: The intraday view is oscillating weakly, the medium - term view is strong, and the reference view is oscillating weakly [5] - **Core Logic**: Geopolitical risks have cooled recently, and the weather in US soybean - producing areas has continuously improved. The price of US soybean futures shows obvious weather - driven fluctuations, with the price center moving down. The trading logic of the domestic soybean market remains unchanged, following the price fluctuations of US soybean futures. Short - term capital loosening intensifies the price fluctuations, causing the futures price to oscillate weakly [5] 3.2. Palm Oil (P) - **Time - related Views**: The intraday view is oscillating weakly, the medium - term view is strong, and the reference view is oscillating weakly [7] - **Core Logic**: The spill - over effect of the slowdown in the decline of international oil prices on the oil market has weakened. After the oil market returns to the fundamentals, the futures prices of the three major oils turn to oscillate weakly, and inventory pressure emerges. Domestic palm oil lacks its own driving force, follows the prices of other neighboring oils and international palm oil futures, and runs oscillating weakly in the short - term [7] 3.3. Other Related Futures Contracts - **Soybean Meal 2509**: The short - term view is oscillating, the medium - term view is strong, and the intraday view is oscillating weakly. The influencing factors include import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [6] - **Soybean Oil 2509**: The short - term view is oscillating, the medium - term view is strong, and the intraday view is oscillating weakly. The influencing factors include US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6] - **Palm 2509**: The short - term view is oscillating, the medium - term view is strong, and the intraday view is oscillating weakly. The influencing factors include the biodiesel attribute, Malaysian palm oil production and exports, Indonesian exports, the tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [6]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper futures, suggesting a short - term weakening for gold and a short - term strengthening for copper [1]. 3. Summary by Variety Gold (AU) - **View**: Short - term: decline; Medium - term: oscillation; Intraday: decline; Overall: short - term bearish [1][3] - **Core Logic**: Recent significant drops in crude oil and gold, along with rallies in US and A - shares. The cease - fire between Iran and Israel has eased short - term geopolitical conflicts, increasing market risk appetite and pressuring gold prices. Gold prices rebounded after falling to the 60 - day moving average, indicating technical support. If the 60 - day moving average of Shanghai gold and New York gold is broken, gold may remain weak in the short term. Also, the decline in safe - haven demand may cause the gold - silver ratio to continue weakening [3]. Copper (CU) - **View**: Short - term: increase; Medium - term: increase; Intraday: increase; Overall: short - term bullish [1][4] - **Core Logic**: This week, copper prices have oscillated upwards, with an increase in open interest. The main futures price is approaching the 79,000 yuan mark, and the monthly spread continues to weaken. Short - term macroeconomic improvement has pushed up copper prices. Overseas macroeconomics have clearly improved since Tuesday due to the cease - fire between Iran and Israel, reducing safe - haven demand and increasing risk appetite. Crude oil and gold have significantly declined, while global equity and commodity markets have risen. In the context of the slowdown of US tariff policies and the cease - fire between Iran and Israel, market risk appetite may continue to rise, pushing up copper prices. Technically, attention should be paid to the pressure at the 80,000 yuan mark. If the market trades on the production - cut expectation again, the macro and industrial factors may resonate, and copper prices may perform well [4].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 6 月 26 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | TL2509 | 震荡 | 震荡 | 震荡偏强 | 震荡 | 宏观经济指标偏弱，货币宽松预 期升温 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：TL、T、TF、TS 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡 核心逻辑：昨日国债期货均震荡整理。消息面，近期央行在公开市场净投放流动性，以应对半年末流 动性紧张的局面，维持流动性平稳。中长期来看，未来降息预期较强，国债期 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 6 月 26 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 动力煤现货 | | | | 震荡 | 旺季需求改善，中低卡煤走势偏 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 参考观点：震荡 核心逻辑：随着迎峰度夏旺季到来，动力煤需求支撑显现，北港库存快速去化，前期"电煤需求 疲弱""产业链库存充足"这两大制约煤价的主要利空因素得到阶段性缓解，带动煤价止跌。但 国内产量仍维持较高水平，供应压力仍存，使得煤价也并未迎来 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On June 25, 2025, all stock indices rose significantly unilaterally, with a sharp increase in the afternoon. The total market turnover of the stock market was 1639.4 billion yuan, an increase of 191.5 billion yuan from the previous day. The large - finance, military, and semiconductor sectors led the gains. Affected by the "stablecoin" news, the valuation expectations of securities brokers were rapidly boosted. The main support for the market currently comes from the expectation of favorable policies in the future. Due to the marginal weakening of credit and inflation indicators in May, the expectation of policy support has increased. In the short term, the stock index is expected to be volatile and bullish. The implied volatility of options is at a relatively low historical quantile level, and there is a high possibility of a medium - to - long - term upward trend in the stock index. Bull spread or ratio spread long - position portfolios can be established [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On June 25, 2025, 50ETF rose 1.43% to 2.832; 300ETF (SSE) rose 1.65% to 4.001; 300ETF (SZSE) rose 1.65% to 4.126; the CSI 300 Index rose 1.44% to 3960.07; the CSI 1000 Index rose 1.32% to 6276.16; 500ETF (SSE) rose 1.88% to 5.913; 500ETF (SZSE) rose 1.77% to 2.361; the ChiNext ETF rose 3.18% to 2.109; the Shenzhen 100ETF rose 1.94% to 2.732; the SSE 50 Index rose 1.17% to 2747.73; the STAR 50ETF rose 1.85% to 1.05; and the E Fund STAR 50ETF rose 1.89% to 1.02 [5]. - **Volume and Open Interest PCR**: The volume PCR and open interest PCR of various options showed different changes compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 64.98 (previous day: 82.82), and the open interest PCR was 126.32 (previous day: 108.69) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of the underlying assets of various options in July 2025 were provided. For instance, the implied volatility of the at - the - money options of SSE 50ETF options in July 2025 was 12.35%, and the 30 - day historical volatility of the underlying asset was 8.83% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23][25]. - **CSI 300 Index Options**: Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35][37]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [48][55]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [62][67]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [75][77]. - **ChiNext ETF Options**: Charts cover the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [88][94]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][107]. - **SSE 50 Index Options**: Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [114][124]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [125][127]. - **E Fund STAR 50ETF Options**: Charts involve the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128][133].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The domestic Shanghai rubber futures 2509 contract is expected to maintain a weak and volatile trend due to the full - scale tapping in Southeast Asian and domestic natural rubber producing areas, the consultation on zero - tariff for natural rubber imports between China and Thailand, and the decline in domestic downstream tire production [4]. - The domestic methanol futures 2509 contract is likely to continue its weak and volatile trend as the temporary cease - fire agreement between Iran and Israel has cooled down the geopolitical risks in the Middle East, leading to a retracement of the premium on energy - chemical commodities [4]. - The prices of domestic and international crude oil futures are expected to remain weak and volatile under the pressure of bearish sentiment, also because of the cooling of geopolitical risks in the Middle East and the retracement of the premium on energy - chemical commodities [5]. Summary by Directory 1. Industry Dynamics Rubber - As of June 22, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 617,300 tons, a week - on - week increase of 10,300 tons or 1.70%. The bonded area inventory decreased by 3.34% to 81,200 tons, while the general trade inventory increased by 2.51% to 536,100 tons. The inbound rate of bonded warehouses decreased by 1.64 percentage points, and the outbound rate decreased by 0.49 percentage points. The inbound rate of general trade warehouses increased by 0.43 percentage points, and the outbound rate decreased by 1.52 percentage points [8]. - As of June 20, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 61.39%, a week - on - week increase of 2.69 percentage points and a year - on - year increase of 3.19 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 71.54%, a week - on - week increase of 1.56 percentage points and a year - on - year decrease of 7.56 percentage points [8]. - In May 2025, the inventory warning index of Chinese automobile dealers was 52.7%, a year - on - year decrease of 5.5 percentage points and a month - on - month decrease of 7.1 percentage points. The index was above the boom - bust line, indicating an improvement in the automobile circulation industry [8]. - In May 2025, China's automobile production and sales were 2.649 million and 2.686 million vehicles respectively, a month - on - month increase of 1.1% and 3.7%, and a year - on - year increase of 11.6% and 11.2%. From January to May 2025, China's automobile production and sales were 12.826 million and 12.748 million vehicles respectively, a year - on - year increase of 12.7% and 10.9% [9]. - In May 2025, China's heavy - truck market sold about 83,000 vehicles, a month - on - month decrease of 5% and a year - on - year increase of about 6%. From January to May 2025, the cumulative sales of China's heavy - truck market were about 435,500 vehicles, a year - on - year increase of about 1% [9]. Methanol - As of the week of June 20, 2025, the average domestic methanol operating rate was 83.82%, a week - on - week increase of 1.65%, a month - on - month increase of 1.58%, and a significant increase of 7.23% compared with the same period last year. The average weekly methanol output in China reached 1.9979 million tons, a week - on - week increase of 15,200 tons, a month - on - month increase of 36,400 tons, and a significant increase of 293,600 tons compared with 1.7043 million tons in the same period last year [10]. - As of the week of June 20, 2025, the domestic formaldehyde operating rate was 29.88%, a week - on - week increase of 0.11%. The dimethyl ether operating rate was 7.53%, a week - on - week increase of 3.19%. The acetic acid operating rate was 91.42%, a week - on - week decrease of 7.39%. The MTBE operating rate was 48.27%, a week - on - week decrease of 1.06%. The average operating load of domestic coal (methanol) to olefin plants was 79.76%, a week - on - week decrease of 0.30 percentage points and a month - on - month increase of 1.67% [10]. - As of the week of June 20, 2025, the domestic methanol - to - olefin futures market profit was - 317 yuan/ton, a week - on - week decrease of 239 yuan/ton and a month - on - month decrease of 596 yuan/ton [10]. - As of the week of June 20, 2025, the port methanol inventory in East and South China was 449,500 tons, a week - on - week decrease of 64,500 tons, a month - on - month increase of 55,700 tons, and a significant decrease of 72,600 tons compared with the same period last year. The methanol inventory in East China ports was 309,200 tons, a week - on - week decrease of 27,100 tons, and the inventory in South China ports was 140,300 tons, a week - on - week decrease of 37,400 tons. As of the week of June 19, 2025, the total inland methanol inventory in China was 367,400 tons, a week - on - week decrease of 11,700 tons, a month - on - month increase of 31,300 tons, and a decrease of 59,900 tons compared with 427,300 tons in the same period last year [11][12]. Crude Oil - As of the week of June 13, 2025, the number of active oil drilling rigs in the United States was 439, a week - on - week decrease of 3 and a decrease of 49 compared with the same period last year. The average daily crude oil production in the United States was 13.431 million barrels, a week - on - week increase of 0.3 million barrels per day and a year - on - year increase of 2.31 million barrels per day [12]. - As of the week of June 13, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) was 421 million barrels, a week - on - week decrease of 11.473 million barrels and a significant decrease of 36.61 million barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma was 22.688 million barrels, a week - on - week decrease of 995,000 barrels. The U.S. strategic petroleum reserve (SPR) inventory was 402 million barrels, a week - on - week increase of 230,000 barrels. The U.S. refinery operating rate was 93.2%, a week - on - week decrease of 1.1 percentage points, a month - on - month increase of 2.5 percentage points, and a year - on - year decrease of 1.30 percentage points [13]. - Since June 2025, international crude oil futures prices have shown a stable and volatile trend, with an increase in market bullish power. As of June 17, 2025, the average non - commercial net long positions in WTI crude oil were 191,941 contracts, a week - on - week increase of 23,984 contracts and a significant increase of 13,730 contracts or 7.70% compared with the May average of 178,211 contracts. As of June 17, 2025, the average net long positions of Brent crude oil futures funds were 216,664 contracts, a week - on - week increase of 34,224 contracts and a significant increase of 81,129 contracts or 59.86% compared with the May average of 135,535 contracts [14]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 13,850 yuan/ton | +0 yuan/ton | 13,770 yuan/ton | +105 yuan/ton | 80 yuan/ton | - 105 yuan/ton | | Methanol | 2,655 yuan/ton | - 10 yuan/ton | 2,391 yuan/ton | +12 yuan/ton | 264 yuan/ton | - 12 yuan/ton | | Crude Oil | 484.7 yuan/barrel | +0.1 yuan/barrel | 508.6 yuan/barrel | - 10.0 yuan/barrel | - 23.9 yuan/barrel | +10.1 yuan/barrel | [16] 3. Related Charts - Rubber: There are charts related to rubber basis, rubber 9 - 1 spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, full - steel tire operating rate trend, and semi - steel tire operating rate trend [17][19][21]. - Methanol: There are charts related to methanol basis, methanol 9 - 1 spread, methanol domestic port inventory, methanol inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [30][32][34]. - Crude Oil: There are charts related to crude oil basis, Shanghai Futures Exchange crude oil futures inventory, U.S. crude oil commercial inventory, U.S. refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [43][45][47].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term and medium - term trends of both coking coal and coke 2509 are expected to be volatile, while the intraday trends are expected to be weakly volatile. The overall view for both is a volatile approach [1]. - For coking coal, geopolitical factors drive it to decline in a volatile manner. After the release of market sentiment, it will return to the fundamental logic. With the end of the safety production month in June, there is an expectation of increased supply in July, so it is expected to operate weakly and volatile in the near future [5]. - For coke, the market sentiment has changed with the accumulation of positive factors, and the long - short game has intensified, leading to a wide - range volatile operation at a low level. In the future, considering the supply of coking coal and terminal demand, the market in June is expected to be in a stalemate, and coke futures may maintain a wide - range volatile operation [6]. 3. Summaries by Related Catalogs 3.1 Coking Coal - **Price and Cost**: The latest quotation of Mongolian coking coal at the Ganqimao Port is 865.0 yuan/ton, with a flat week - on - week comparison, and the equivalent futures warehouse receipt cost is about 834 yuan/ton [5]. - **Supply**: During the safety month, domestic coking coal production has contracted due to safety inspections, environmental protection, and operating pressure. The price inversion of imported coal has also suppressed imports, but there is an expectation of increased supply in July after the end of the safety production month [5]. - **Market Influence**: Geopolitical issues such as the Israel - Iran situation have affected coking coal. After the cease - fire, the decline in crude oil futures has weakened coking coal futures [5]. 3.2 Coke - **Price**: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1220 yuan/ton, with a week - on - week decrease of 3.94%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1140 yuan/ton, with a week - on - week decrease of 2.56% [6]. - **Market Sentiment and Trend**: The accumulation of positive factors has changed the market sentiment, and the closing of some short positions has intensified the long - short game, resulting in a wide - range volatile operation at a low level. Considering coking coal supply and terminal demand, the market in June is expected to be in a stalemate [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The coke market is experiencing a shift in sentiment with the accumulation of positive factors, leading to intensified long - short competition and low - level wide - range oscillations. However, considering the potential recovery of coking coal supply after the safety month and long - term pressure on black metal terminal exports, the market is expected to be in a stalemate in June, and coke futures may continue to fluctuate widely [5][34]. - For coking coal, the supply has been affected by safety inspections, environmental protection, and operational pressures during the safety month, and the price inversion of imported coal has curbed imports, alleviating the pessimistic outlook on the fundamentals. But with the end of the safety month in June and the expected increase in supply in July, the market has mixed factors, and coking coal futures are also expected to fluctuate widely [6][35]. 3. Summary by Related Catalogs Industry News - The central bank will conduct 300 billion yuan of MLF operations on June 25, with a net investment of 118 billion yuan, which is the fourth consecutive month of increased operations. The mid - term liquidity net investment has exceeded 300 billion yuan this month. The market expects the subsequent monetary policy to remain moderately flexible and strengthen support for the real economy [8]. - On June 25, Mongolia's small TT company held an online auction for coking coal. The starting price of 1/3 coking raw coal was 63.5 US dollars per ton, down 1.5 US dollars from the previous period. All 102,400 tons on offer failed to sell. Since the beginning of the year, all 11 auctions have failed, with a total of 537,600 tons unsold [9]. Spot Market | Variety | Current Price | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade, flat - price) | 1,220 yuan/ton | - 3.94% | - 8.96% | - 27.81% | - 40.20% | | Coke (Qingdao Port, quasi - first - grade, ex - warehouse) | 1,150 yuan/ton | - 1.71% | - 5.74% | - 29.01% | - 41.03% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 865 yuan/ton | 0.00% | - 5.98% | - 26.69% | - 45.94% | | Coking Coal (Jingtang Port, Australian coal) | 1,190 yuan/ton | - 1.65% | - 6.30% | - 20.13% | - 44.13% | | Coking Coal (Jingtang Port, Shanxi coal) | 1,250 yuan/ton | 0.00% | - 3.10% | - 18.30% | - 39.02% | [10] Futures Market | Futures | Active Contract | Closing Price | Daily Increase | High | Low | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,387.5 yuan/ton | 1.46% | 1,396.5 yuan/ton | 1,345.5 yuan/ton | 34,007 | 4,246 | 51,275 | - 1,125 | | Coking Coal | - | 804.5 points | 0.75% | 805.0 points | 778.5 points | 839,404 | - 212,966 | 524,258 | - 9,292 | [14] Related Charts - The report provides multiple charts showing the inventory trends of coke and coking coal, including those of independent coking plants, steel mills, ports, and mines, as well as other related production and demand indicators such as Shanghai terminal wire rod procurement volume, domestic steel mill production, and coking plant production [15][22][28] Market Outlook - Coke: On June 25, the main coke contract closed at 1,387.5 yuan/ton, with a 1.46% increase. The open interest decreased by 1,125 lots. Spot prices in Rizhao and Qingdao ports declined week - on - week. The market is expected to maintain wide - range oscillations in June [5][34]. - Coking Coal: On June 25, the main coking coal contract closed at 804.5 points, with a 0.75% increase. The open interest decreased by 9,292 lots. The market has mixed factors, and with the expected increase in supply in July, it is also expected to fluctuate widely [6][35].