宝城期货煤焦早报（2026年1月9日）-20260109

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - For the short - term and intraday, both coking coal and coke 2605 contracts are expected to have a strong - biased oscillation, and in the medium - term, they are expected to oscillate. The core logic for coking coal is that supply disturbances support its low - level rebound, and for coke, it is that raw material support makes it run strongly [1]. Group 3: Summary by Related Catalogs Coking Coal (JM) - Price: The latest quotation of Mongolian coking coal at Ganqimaodu Port is 1110.0 yuan/ton, with a week - on - week decrease of 0.9% [5]. - Market Outlook: After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. In the short - term, the fundamentals are difficult to improve significantly, but positive drivers such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage replenishment expectations, and Spring Festival coal mine production reduction expectations are emerging, driving the low - level rebound of coking coal futures [5]. Coke (J) - Price: The latest quotation of the first - class wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week decrease of 3.29%; the ex - warehouse price of the first - class wet - quenched coke at Qingdao Port is 1470 yuan/ton, with a week - on - week increase of 1.38% [6]. - Market Outlook: This week, coke futures rebounded upwards, mainly supported by the supply - side disturbances of coking coal. In addition, after entering the new year, positive drivers such as economic policy expectations, "anti - involution" policy expectations, and downstream winter storage replenishment expectations are emerging, driving the low - level rebound of coke futures [6].