金信期货日刊-20251223

Report Summary - Industry Investment Rating: Not provided - Core Viewpoint: The report is bullish on the coking coal main contract and provides technical analysis and trading suggestions for multiple futures products Reasons for Bullish on Coking Coal Main Contract - Valuation has reached a low level with a cumulative decline of over 20% in December, hitting a new low for the year, and the current price is below the Mongolian coal import cost line, with significant valuation repair space [3] - Policy support from six - department documents and "Qiushi" magazine, which is expected to improve industry order and boost market sentiment [3] - Approaching restocking demand as steel mills' coking coal inventory is 12% lower than in previous years, and there will be a pre - Spring Festival winter storage restocking window [3] - Supply is tightening marginally as some coal mines have limited production after completing annual capacity tasks, and Mongolian coal port clearance is affected by winter weather [3] - Market sentiment is being repaired, with short - selling funds flowing out and a strong technical rebound momentum [3] Technical Analysis of Various Futures Stock Index Futures - The 15 - minute cycle continues an upward - trending oscillation. It is recommended to buy on dips rather than chase the rise [6] Gold - After a period of sideways oscillation, there are signs of an upward movement, and going long can be attempted [11] Iron Ore - With the commissioning of the Simandou project, supply is expected to be more abundant. Demand from domestic sectors is weak except for exports. It is recommended to trade within a wide - range oscillation, selling high and buying low [12][13] Glass - The daily - line level has consecutive negative closes, and a bearish - leaning oscillation view is recommended [15][16] Methanol - Freight rates have increased significantly, increasing the arrival cost in sales areas. Demand is increasing due to a new olefin project. The market in sales areas is strong due to multiple positive factors [18] Pulp - With domestic policies boosting domestic demand, overseas pulp mills reducing production, and the elimination of backward papermaking capacity, the demand for commercial pulp is expected to improve. An oscillatory trend is expected [21]