宝城期货煤焦早报-20251107

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Report's Core View - The report suggests a volatile trading approach for both coking coal and coke futures. For coking coal, the market is influenced by a mix of factors, resulting in a volatile trend. For coke, after the third round of price increases, it is expected to trade in a high - level volatile range [1][5][6] 3. Summary by Related Catalogs 3.1 Variety View Reference - Coking Coal (JM2601): Short - term view is volatile, medium - term view is volatile, and intraday view is slightly bullish. The overall view is a volatile trading approach due to a balance of long and short factors [1] - Coke (J2601): Short - term view is volatile, medium - term view is volatile, and intraday view is slightly bullish. The overall view is a volatile trading approach as the third round of price increases has been implemented, leading to high - level volatility [1] 3.2 Price and Market Analysis - Coking Coal: On the night of November 6, coking coal futures traded in a narrow range with a decrease in open interest. The latest price of Mongolian coking coal at the Ganqimao Port is 1435.0 yuan/ton, a week - on - week increase of 3.24%. The upward drive comes from anti - cut - throat competition and improved Sino - US trade relations. After the macro - level positive factors are realized, the market shows more long - short competition, and the futures are trading near the upper limit of the volatile range [5] - Coke: The third round of price increases for coke was fully implemented on November 5. The latest price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, a week - on - week increase of 3.18%, and the ex - warehouse price at Qingdao Port is 1570 yuan/ton, a week - on - week increase of 0.64%. Overall, coke supply is stable, demand is declining, and the fundamentals are weakening. After the previous macro - level positive factors are realized, the market sentiment has cooled, and the futures are trading within the volatile range since the end of July [6]