宝城期货煤焦早报（2025年10月24日）-20251024

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - For the 2601 contract of coking coal, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is upward, and the reference view is an oscillatory approach. The coking coal is running strongly under the influence of an optimistic atmosphere [1][5]. - For the 2601 contract of coke, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is strongly oscillatory, and the reference view is an oscillatory approach. The coke is oscillating strongly with a mix of long and short factors [1][6]. Group 3: Summary by Variety Coking Coal (JM) - The latest quotation of Mongolian coking coal at the Ganqimao Port is 1310.0 yuan/ton, with a week - on - week increase of 3.97%. In the domestic market, the auction of coking coal in Linfen, Shanxi yesterday mostly saw price increases, with a good atmosphere. Although the fundamental support for coking coal is insufficient at present, recent disturbances from weather in major production areas and anti - involution, along with the upcoming Sino - US trade consultations, drive the main coking coal futures contract to run strongly due to strong expectations [5]. Coke (J) - The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, remaining unchanged week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1470 yuan/ton, with a week - on - week increase of 1.38%. Recently, both the supply and demand of coke have decreased, with a more obvious reduction on the supply side, and the overall inventory in the industrial chain has declined. The fundamental situation is relatively neutral, and the upward drive mainly comes from the coking coal supply side and the expectation of Sino - US trade negotiations [6].