格林大华期货早盘提示:焦煤、焦炭-20260210

Group 1: Report Industry Investment Rating - The investment rating for the coking coal and coke in the black sector is "range - bound". [1] Group 2: Report's Core View - The coking coal market shows a supply - demand double - weak fundamental situation approaching the Spring Festival. Private coal mines are gradually shutting down for holidays, and downstream demand is weakly stable. Although the customs clearance at the Ganqimaodu Port for Mongolian coal has declined, the inventory pressure remains high, putting pressure on the coking coal futures. It is expected that both coking coal and coke will maintain a weakly stable operation before the festival. [1] Group 3: Summary by Relevant Catalog Market Review - The main coking coal contract Jm2605 closed at 1,147.0 yuan/ton yesterday, up 0.75% compared to the daytime session opening. The main coke contract J2605 closed at 1,703.5 yuan/ton, up 0.26% compared to the daytime session opening. In the night session, the coking coal main contract closed at 1,126.5 yuan/ton, down 1.79% compared to the daytime session closing, and the coke main contract closed at 1,685.0 yuan/ton, down 1.09% compared to the daytime session closing. [1] Important Information - The Ministry of Ecology and Environment announced on February 9 that provincial ecological environment departments should pre - allocate the 2025 annual carbon emission allowances to key emission units in the steel, cement, and aluminum smelting industries before April 10, 2026. - On February 9, the coking coal prices in Linfen Yaodu District, Linfen Anze, and Jinzhong markets remained stable. The high - sulfur strong fat coal in Linfen Yaodu District was priced at 1,150 yuan/ton, cash - inclusive tax at the factory; the low - sulfur main coking clean coal in Linfen Anze was 1,570 yuan/ton, cash - inclusive tax at the factory; and the medium - sulfur main coking clean coal in Jinzhong was 1,280 yuan/ton, cash - inclusive tax at the factory. [1] Market Logic - Approaching the Spring Festival, the overall supply - demand situation of coking coal is weak. Private coal mines are shutting down, and downstream demand is weakly stable. The high inventory of Mongolian coal at the port still exerts pressure on the coking coal futures. [1] Trading Strategy - The market is expected to be range - bound before the Spring Festival. It is recommended to hold a light position or be out of the market during the Spring Festival holiday. [1]