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宝城期货动力煤早报-20250519
Bao Cheng Qi Huo·2025-05-19 01:14

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The short - term, medium - term, and intraday views of thermal coal spot are all "oscillation", and it is expected to remain in a weak operation due to the high - supply and high - inventory pattern [1][4] 3) Summary by Relevant Catalog Variety View Reference - The short - term, medium - term, and intraday views of thermal coal spot are "oscillation", and the core logic is that the North Port inventory has reached a new high, and thermal coal maintains a weak operation [1] Main Variety Price Market Driving Logic - Commodity Futures Black Sector - Core Logic: This week, the supply - demand pattern of thermal coal has changed little, with high production and stable imports. The positive factor is that China and the US reached an important consensus in Switzerland to significantly reduce tariff rates within 90 days, which will ease the drag effect of non - power industries on coal prices to some extent. However, the supply - demand contradiction is still prominent. The coal production in domestic main producing areas remains high, and May is the off - season for thermal coal, with low power consumption by residents and power plants. As of May 8, the daily coal consumption of power plants in 8 coastal provinces and 17 inland provinces was at a relatively low level. With strong supply and weak demand, the market is bearish, and downstream procurement enthusiasm is general, leading to a large accumulation of thermal coal at ports. Therefore, the high - supply and high - inventory pattern continues, and thermal coal is expected to run at a low level in the near future [4]