宝城期货煤焦早报-20251105

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a weak bias" respectively, suggesting an oscillation trading approach. The core logic is that the optimistic market atmosphere has cooled, leading to a high - level correction of coking coal [1][5]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "decline" respectively, also suggesting an oscillation trading approach. The core logic is that after the game between bulls and bears, coke is oscillating within a range [1][6]. 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - Price Information: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1415.0 yuan/ton, with a week - on - week increase of 1.80% [5]. - Market Analysis: The supply - demand pattern of coking coal has no significant change. The upward driving force mainly comes from the anti - involution and the emotional support brought by the easing of Sino - US trade relations. After the macro - level positive factors are realized, the market atmosphere has cooled, and the coking coal futures have corrected at the upper edge of the oscillation range. Future focus should be on the actual impact of safety supervision and anti - involution on coking coal supply [5]. 3.2 Coke (J) - Price Information: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1570 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1560 yuan/ton, with a week - on - week flat [6]. - Market Analysis: Overall, the supply of coke has stabilized, the demand has declined, and the fundamentals have weakened marginally. After the previous macro - level positive factors are realized, the market atmosphere has cooled, and the coke futures have corrected at a high level, running within the oscillation range since the end of July [6].