宝城期货煤焦早报-20250806

Report Overview 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Report's Core View - The report predicts that both coking coal and coke futures will operate strongly in the short - term, with coking coal showing a short - term strong trend, medium - term oscillation, and an intraday rise, and coke also having a short - term strong trend, medium - term oscillation, and an intraday rise [1]. 3. Summary by Related Catalogs Coking Coal (JM) - Price and Market Performance: On August 5, the main coking coal contract closed at 1182 points, rising 6.92% intraday. The position of the main contract was 526,300 lots at the close, with a net increase of 38,314 lots compared to the previous trading day. The latest price of Mongolian coal at the Ganqimaodu Port was 1150 yuan/ton, down 0.9% week - on - week, and the cost of the equivalent futures warehouse receipt was about 1126 yuan/ton [5]. - Core Logic: There are continuous disturbances from over - production inspections in Shanxi, and the atmosphere in the coking coal futures market has warmed up. The supply - demand pattern of coking coal remains unchanged this week, with supply stronger than demand and insufficient fundamental support. The medium - and long - term supply contraction expectation dominates the market trend. It is expected that coking coal futures will maintain a strong operation in the near future [5]. Coke (J) - Core Logic: The resurgence of anti - involution news in the coal industry has improved the atmosphere in the coke futures market, and the main contract rose at the end of the session. This week, coke supply stabilized while demand declined slightly, and the fundamentals still face some pressure. However, the profitability rate of downstream steel mills has improved month - on - month, and iron - making output has shown some resilience. The seasonal decline is relatively moderate. The fundamentals of coke have not changed much, and the resurgence of anti - involution news has restored market optimism, leading to a return to strong operation [6].