宝城期货煤焦早报-20251106

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For both coking coal and coke 2601, the short - term and medium - term views are "oscillation", and the intraday view is "oscillation with a slight upward bias", with an overall "oscillation" reference view [1]. - The coking coal market has a divergence between bulls and bears, and the coking coal price moves in an oscillatory range. The coke market has a strong wait - and - see sentiment, and the coke price also moves in an oscillatory manner [1]. 3. Summary by Related Catalogs Coking Coal (JM) - Price and Change: 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 Logic: The supply - demand pattern of coking coal has no obvious change recently. The upward driving force comes from 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 down, and the coking coal futures have pulled back at the upper limit of the oscillatory range. Future attention should be paid to the actual impact of safety supervision and anti - involution on coking coal supply [5]. Coke (J) - Price and Change: The latest quotation of the ex - warehouse 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 1570 yuan/ton, with a week - on - week increase of 0.64% [6]. - Market Logic: Overall, the coke supply is stable, the demand is declining, and the fundamentals are weakening marginally. After the previous macro - level positive factors are realized, the market atmosphere has cooled down. The coke futures have pulled back from the high level and are moving within the oscillatory range since the end of July [6].