20260302申万期货品种策略日报：双焦（J&JM）-20260302

Report Industry Investment Rating - No information provided 2. Core View of the Report - 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 showed that last week, both the iron - making 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 an improvement in coking coal demand. After the Spring Festival, with the progress of resuming work and production, there is an upward expectation for iron - making output, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. The escalation of the conflict between the US and Iran over the weekend and the geopolitical turmoil can also boost the valuation of energy - related commodities. In the future, attention should be paid to the trend of iron - making output, the start - up situation of mines, the policy trends of the import side, and the geopolitical situation [2] 3. Summary According to Relevant Catalogs Futures Market Data - Closing Prices: The closing prices of different contracts on the previous day and the day before were as follows: 1093.5, 1635.5, 1382.0, 1189.0, 1806.0, 1714.5 (previous day); 1368.0, 1090.0, 1183.5, 1803.5, 1644.0, 1721.0 (day before). The price changes were 5.5, 14.0, 3.5, 2.5, - 8.5, - 6.5, with changes of 1.02%, 0.32%, 0.46%, 0.14%, - 0.52%, - 0.38% respectively [2] - Trading Volume: The trading volumes of different contracts were 3418, 734084, 48212, 119, 13104, 903 respectively [2] - Open Interest: The open interests of different contracts were 11856, 549747, 103786, 40144, 2656, 1170 respectively, with changes of 1406, - 9360, 3989, 97, 1371, 313 respectively [2] - Price Spreads: The current price spreads (e.g., 9 - 1 month) were - 79.5, - 160.5, 160.5, - 77.5, - 83, with changes of 306, 2.5, - 308.5, 429.5, 2, - 431.5 respectively [2] Spot Market Data - Prices: The current prices of different types of coking coal (such as Mongolian No. 5 main coking coal) were 1855, 1330, 1570, 1391, 1470, and the price of Rizhao Port decreased by 10, while others remained unchanged [2]