宝城期货煤焦早报-20250820

Group 1: Report Industry Investment Rating - No relevant content available Group 2: Core Views of the Report - For both Jiao Coal 2601 and Coke 2601, the short - term, mid - term, and intraday views are all "oscillation", with Jiao Coal 2601 having a short - term "interval oscillation", mid - term "oscillatory and bullish", and intraday "oscillatory and bearish", and Coke 2601 having similar characteristics [1] - The Jiao Coal market may enter a high - level oscillation pattern, with short - term adjustments possible, but the medium - to - long - term price center has an upward basis. The Coke futures price may show a characteristic of being easy to rise and hard to fall after a phased adjustment [5][6] Group 3: Summaries by Related Catalogs Jiao Coal (JM) - Intraday view: Oscillatory and bearish; Mid - term view: Oscillatory and bullish; Reference view: Oscillation [5] - On August 19, the main Jiao Coal contract closed at 1194.5 points, down 1.89% intraday. The main contract's open interest was 713,900 lots, a decrease of 2,226 lots from the previous trading day [5] - In the spot market, the latest quotation of Mongolian coal at the Ganqimaodu Port was 1190.0 yuan/ton, flat week - on - week, with the equivalent futures warehouse receipt cost about 1167 yuan/ton [5] - After the "anti - involution" rectification, the Jiao Coal market may gradually improve, and the oversupply situation is expected to ease [5] Coke (J) - Intraday view: Oscillatory and bearish; Mid - term view: Oscillatory and bullish; Reference view: Oscillation [6] - In the spot market, the latest quotation of the Rizhao Port's quasi - first - grade wet - quenched coke flat - price index was 1520 yuan/ton, up 3.40% week - on - week; the ex - warehouse price of Qingdao Port's quasi - first - grade wet - quenched coke was 1470 yuan/ton, down 0.68% week - on - week [6] - Since August, there have been continuous news disturbances on the supply side of Jiao Coal, the raw material of Coke. Although the actual supply of domestic Jiao Coal has not been significantly affected, market expectations have improved. The subsequent environmental protection production restrictions for the 9.3 military parade will support the fundamentals of Coke [6]