宝城期货动力煤早报-20250604

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The reference view for thermal coal is to oscillate. As the peak season approaches, positive factors for thermal coal are accumulating, but the market is in a stalemate and prices are temporarily stable. The long - term supply - demand pattern of thermal coal remains loose, and there is a high possibility that coal prices will not peak during the peak season this summer [4]. 3. Summary According to the Catalog Main Variety Price Quotes Driving Logic - Commodity Futures Black Sector - Core Logic: With the approaching of the peak season, positive factors for thermal coal are accumulating. On one hand, domestic coal prices are at a low level internationally, leading to a significant decline in the cost - effectiveness of imported coal compared to 2024, resulting in a decrease in imports. On the other hand, as June arrives, China will enter the critical period of peak - summer power consumption, and terminal power plants still have a certain demand for inventory replenishment during the peak season, which slightly supports market sentiment. However, the overall long - term supply - demand pattern of thermal coal remains loose, and current port inventories are at a five - year high, so there is a high possibility that coal prices will not peak during the peak season this summer [4].