市场乐观情绪快速冷却，预计短期焦煤盘面将维持高波动状态

Core Viewpoint - The market's optimistic sentiment has rapidly cooled, and it is expected that the short-term coking coal market will maintain high volatility [1] Group 1: Market Reaction - The main coking coal contract surged to 1288.5 points last Friday night but then experienced a sharp decline, with all contracts hitting the limit down during the afternoon session [1] - Following the trading limit adjustment by the Dalian Commodity Exchange for the JM2509 coking coal contract, the previously overheated bullish sentiment in the market has significantly diminished [1] Group 2: Fundamental Analysis - Despite the sharp price drop, the fundamentals indicate that the dual coking coal inventory is still decreasing, suggesting that a significant price decline is unlikely under current conditions [1] - The influence of news and policy changes on market sentiment is currently stronger than the actual fundamental situation [1] Group 3: Future Outlook - The market is expected to remain highly volatile in the short term, with existing supply and demand fundamentals providing some support [1] - Market participants are advised to manage risks carefully, as macro policy stimuli may lead to significant fluctuations in sentiment [1]