20260302申万期货品种策略日报：双焦（JM&J）-20260302

Report Information - Report Name: 20260302 Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) [1] - Analyst: Shen Jifeng (Employee ID: F03148029, Trading Consultation ID: Z0022842) [2] - Contact: shenyb@sywggh.com.cn, 021 - 50582113 [2] Industry Investment Rating - Not provided Core View - Last Friday night, the main contracts of coking coal and coke showed a weak trend, and the total position of coking coal was basically flat compared with the previous period. Steel Union data shows that last week, both the iron - making water output and the profit of steel mills increased slightly month - on - month, and the coking coal inventories of coking plants and steel mills decreased significantly month - on - month, indicating improved demand for coking coal. After the Spring Festival, with the advancement of resumption of work and production, there is an upward expectation for iron - making water output, which will drive the improvement of the rigid demand for coking coal and coke and strongly support coal prices. The escalation of the US - Iran conflict over the weekend and the turmoil in the geopolitical situation can also push up the valuation of energy - related commodities. In the future, focus on the trend of iron - making water output, mine operation, import policies, and geopolitical trends [2] Summary by Relevant Catalog Futures Market Data - Prices and Changes: The previous day's closing prices for different contract months of coking coal were 1093.5, 1635.5, 1382.0, 1189.0, 1806.0, 1714.5, with price changes of 5.5, 14.0, 3.5, 2.5, - 8.5, - 6.5 respectively, and percentage changes of 1.02%, 0.32%, 0.46%, 0.14%, - 0.52%, - 0.38% [2] - Trading Volume and Open Interest: The trading volumes were 3418, 734084, 48212, 119, 13104, 903 respectively, and the open interests were 11856, 549747, 103786, 40144, 2656, 1170 respectively. The changes in open interest were 1406, - 9360, 3989, 97, 1371, 313 respectively [2] - Spreads: The current spreads for different contract combinations were - 79.5, - 160.5, 160.5, - 77.5, - 83, and the spread changes were 306, 2.5, - 308.5, 429.5, 2, - 431.5 respectively [2] Spot Market Data - Prices and Changes: The current prices of different types of coking coal were 1855, 1330, 1570, 1391, 1470, and the price changes were 0, 0, 0, 0, 0, - 10 respectively [2]