焦炭：反内卷信号发酵，震荡偏强，焦煤：反内卷信号发酵，震荡偏强

Report Summary 1. Industry Investment Rating - Not provided in the given report 2. Core Viewpoints - The anti-involution signal of coke and coking coal is fermenting, and the market is expected to be volatile and bullish [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: - JM2509 closed at 843.5 yuan/ton, up 29 yuan or 3.56% from the previous day, with a trading volume of 1,189,983 lots, an open interest of 529,227 lots, and a decrease of 35,195 lots in open interest [1]. - J2509 closed at 1,442 yuan/ton, up 53.5 yuan or 3.85% from the previous day, with a trading volume of 30,166 lots, an open interest of 49,728 lots, and an increase of 162 lots in open interest [1]. - Spot Prices: - For coking coal, prices of some varieties like Linfen low-sulfur main coking coal increased, while others remained stable. For example, Linfen low-sulfur main coking coal rose 10 yuan to 1,180 yuan/ton [1]. - For coke, the Rizhao Port quasi-primary price index increased by 20 yuan to 1,160 yuan/ton, and the coke warehouse receipt cost rose 22 yuan to 1,277 yuan/ton [1]. - Basis and Spreads: - The basis of JM2509 and J2509 for different varieties showed various changes. For example, the basis of JM2509 for Shanxi decreased by 29 yuan to 50.5 yuan/ton [1]. - The spreads between different contracts (e.g., JM2509 - JM2601 and J2509 - J2601) also changed. JM2509 - JM2601 decreased by 5.5 yuan to -48 yuan, while J2509 - J2601 increased by 1.5 yuan to -37.5 yuan [1] 3.2 Price and Positioning - Northern Port Coking Coal Quotes: - Jingtang Port's Shanxi main coking coal ex-warehouse price was 1,250 yuan/ton. Qingdao Port, Lianyungang, Rizhao Port, and Tianjin Port's Australian main coking coal ex-warehouse prices were 1,215 yuan/ton, 1,215 yuan/ton, 1,130 yuan/ton, and 1,205 yuan/ton respectively [1]. - July 2 CCI Metallurgical Coal Index: - S1.3 G75 main coking coal (Shanxi coal) in Jiexiu was 955 yuan/ton (unchanged). S1.3 G75 main coking coal (Meng 5) in Shaheyi was 858 yuan/ton (unchanged), and S1.3 G75 main coking coal (Meng 3) in Shaheyi was 844 yuan/ton (up 11 yuan) [2] - Positioning: - On July 2, for the coking coal JM2509 contract, long positions of the top 20 members on the DCE decreased by 15,497 lots, and short positions decreased by 26,478 lots. For the coke J2509 contract, long positions decreased by 194 lots, and short positions increased by 317 lots [3] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [3]