Workflow
宝城期货煤焦早报-20250827
Bao Cheng Qi Huo·2025-08-27 01:46

Report Overview - The report provides investment analysis and forecasts for coking coal and coke futures on August 27, 2025 [1]. Industry Investment Rating - No industry investment rating is provided in the report. Core Views - For coking coal 2601, the short - term, medium - term, and intraday views are all "oscillating, with a slightly bullish bias", and the overall view is "oscillating". The coking coal market has a mix of long and short factors, and the futures' main contract is oscillating within a range [1][5]. - For coke 2601, the short - term, medium - term, and intraday views are all "oscillating, with a slightly bullish bias", and the overall view is "oscillating". In the medium and long term, coke may show a characteristic of being easy to rise and hard to fall [1][6]. Summary by Variety Coking Coal (JM) - View: Intraday view is slightly bullish, medium - term view is slightly bullish, and the reference view is oscillating [5]. - Core Logic: The fundamentals of coking coal have no significant changes. Over - production inspections and heavy rainfall in Shanxi still suppress supply. Meanwhile, environmental protection restrictions on coking plants and steel mills before the September 3rd parade reduce short - term demand. Although the impact of the "anti - involution" has been released, it may still bring positive news in the future, making the short - selling atmosphere cautious [5]. Coke (J) - View: Intraday view is slightly bullish, medium - term view is slightly bullish, and the reference view is oscillating [6]. - Core Logic: The intensified long - short divergence in the coking coal market has led to high - level oscillating consolidation of coke futures. The futures market has entered the verification stage from the previous strong cost - side expectation. Considering the possible subsequent policies related to "anti - involution" in the coal industry, the cost - side news is expected to form positive support, and coke may be easy to rise and hard to fall in the medium and long term [6].