Core Viewpoint - Coking coal futures continue to show weakness, with the main contract dropping to 1079.5 yuan/ton, a significant decrease of 2.48% [1] Market Summary - As of December 9, a survey of 20 coal mines in major production areas revealed that 17 maintained stable prices, 1 increased prices, 2 decreased prices, and 2 were suspended [2] - In the Yuzhou market, the price of blowing coal fell by 60 yuan/ton, with specific prices for different grades of coal reported [2] - The latest data from the Australian Gladstone Port Company indicates that coal exports in November 2025 were 5.8985 million tons, a month-on-month decrease of 1.69% and a year-on-year decrease of 12.42% [2] Institutional Perspectives - Guohai Liangshi Futures suggests that upcoming political and economic meetings in mid-December, along with the gradual onset of winter replenishment demand, may provide a turning point for coking coal prices. It is advised to avoid aggressive bottom-fishing strategies until signs of inventory turning points or favorable macroeconomic factors emerge [4] - Jinxin Futures anticipates a short-term pressure and limited downside for prices, with the current contract price below the mainstream spot warehouse receipt cost of 1100 yuan/ton. However, pre-Spring Festival replenishment demand may support prices from significant declines [5]
短期多空博弈加剧 焦煤主力合约尚未企稳
Jin Tou Wang·2025-12-09 06:06