双焦2601合约交割总结报告

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The coking coal 2601 contract delivery volume reached 414,000 tons, with delivery areas mainly concentrated in warehouses in Jingtang Port and Caofeidian, as well as factories in Shanxi and Hebei. The sellers were mainly spot-futures traders and coal washing plants, and the delivery resources were mainly Mongolian coal. The delivery settlement prices were scattered, with both premium and discount delivery, and most enterprises made profits. The large amount of delivery resources did not put downward pressure on the market, and the 2605 contract delivery risk is relatively limited [5]. - The coke 2601 contract delivery volume was only 40,000 tons, with delivery areas mainly concentrated in Qingdao Port, Rizhao Port, Caofeidian, Tianjin Port, and factories in Hebei. The sellers were mainly traders and coking plants, and the delivery resources were mainly wet-quenched coke. The delivery settlement prices were relatively concentrated, mostly with discount delivery, and the delivery profit narrowed significantly after entering the delivery month. The final delivery volume was limited, having no negative impact on the market, and the 2605 contract delivery risk is basically controllable [5]. - The strategy is to operate in a range and pay attention to the price correction risk after the "Two Sessions" [9]. 3. Summary According to the Directory 3.1 Jiao Coal 2601 Contract Delivery Summary 3.1.1 Jiao Coal Delivery Quantity and Region - The delivery volume of coking coal reached 414,000 tons, with delivery areas mainly in warehouses in Jingtang Port and Caofeidian, and factories in Shanxi and Hebei. The concentration was more dispersed compared to previous deliveries [15]. 3.1.2 Jiao Coal Delivery Characteristics and Price - Sellers were mainly spot-futures traders and coal washing plants, with rolling delivery dominant. Delivery resources were mainly Mongolian coal, and most resources got high premium rewards. Buyers were mainly spot-futures traders, and their willingness to take delivery was relatively strong. The delivery settlement prices were scattered, with an average of 1,105.7 yuan/ton, a median of 1,103.5 yuan/ton, and a high-low price difference of 108 yuan/ton. The delivery profit was relatively sufficient [16][17]. 3.1.3 Jiao Coal Delivery Process and Profit - In October, as the market price rose, the basis weakened, and some spot-futures traders hedged on the market. After the price further fell, some took profits. In early December, the price dropped again, and spot-futures traders re-entered the market. Near the delivery month, the basis converged, and there were premium delivery opportunities, resulting in a large delivery volume [20]. 3.1.4 Jiao Coal Delivery Summary and Outlook - The large amount of delivery resources did not put downward pressure on the market. As the reality and expectations improved, the delivery cost of inferior warehouse receipts increased, and the delivery cost-performance was insufficient. Spot-futures traders sold the received goods in the far - month market, having limited impact on the spot market. The 2605 contract still follows the old rules, but considering the improved supply - demand and better market expectations compared to last year, the delivery risk is relatively limited [23]. 3.2 Coke 2601 Contract Delivery Summary 3.2.1 Coke Delivery Quantity and Region - The coke delivery volume was only 40,000 tons, with delivery areas mainly in Qingdao Port, Rizhao Port, Caofeidian, Tianjin Port, and factories in Hebei, and the delivery concentration was acceptable [26]. 3.2.2 Coke Delivery Characteristics and Price - Sellers were mainly traders and coking plants, with rolling delivery dominant. Delivery resources were mainly wet - quenched coke. Buyers were mainly traders, and their willingness to take delivery was strong due to the increasing discount of the market price in the delivery month. The delivery settlement prices were relatively concentrated, with an average of 1,454.3 yuan/ton, a median of 1,445.5 yuan/ton, and a high - low price difference of 62 yuan/ton, mostly with discount delivery. The delivery profit was high before the delivery month but narrowed significantly after entering the delivery month [27]. 3.2.3 Coke Delivery Process and Profit - In mid - September, as the basis weakened, many spot - futures traders participated in hedging. By mid - October, the basis strengthened again, and the expectation of spot price increase was strong, so some traders exited. Near the delivery month, as the market price discount increased and the spot price reduction was coming to an end, the willingness of short - hedging decreased, and some traders shifted their positions to the far - month market, resulting in a relatively small delivery volume [30]. 3.2.4 Coke Delivery Summary and Outlook - During the delivery period, the macro - expectation and the spot market showed a positive trend, and there were obvious monthly spread arbitrage opportunities for short - sellers. The limited delivery volume had no negative impact on the market, and the pressure for spot price increase in the later period was small. In the long - term, wet - quenched coke has a relatively stronger delivery cost - performance advantage. Currently, the supply - demand contradiction of coke is insufficient, and the deliverable resources are limited. The delivery risk of the 2605 contract is basically controllable [35]. 3.3 Summary - The coking coal delivery volume was 414,000 tons, with delivery areas mainly in Jingtang Port, Caofeidian, and factories in Shanxi and Hebei. Sellers were mainly spot - futures traders and coal washing plants, and the delivery resources were mainly Mongolian coal. The delivery settlement prices were scattered, and most enterprises made profits. The large delivery volume did not put downward pressure on the market, and the 2605 contract delivery risk is relatively limited [36]. - The coke delivery volume was 40,000 tons, with delivery areas mainly in Qingdao Port, Rizhao Port, Caofeidian, Tianjin Port, and factories in Hebei. Sellers were mainly traders and coking plants, and the delivery resources were mainly wet - quenched coke. The delivery settlement prices were relatively concentrated, mostly with discount delivery, and the delivery profit narrowed significantly after entering the delivery month. The limited delivery volume had no negative impact on the market, and the 2605 contract delivery risk is basically controllable [36].