双焦（J&I）：20260304申万期货品种策略日报-20260304

Group 1: Report Information - The report is the Shenwan Futures Variety Strategy Daily - Coking Coal and Coke (JI&J) dated March 4, 2026, issued by Shenwan Futures [1] Group 2: Market Data Futures Market - For coking coal futures, the previous day's closing prices for different contract months were 1420.0, 1127.0, 1222.0, 1856.0, 1694.0, and 1770.0, with price increases of 27.5, 33.0, 27.5, 38.0, 42.0, and 39.0 respectively, and price increase rates of 1.97%, 3.02%, 2.30%, 2.09%, 2.54%, and 2.25% [2] - Trading volumes were 5280, 1151632, 99633, 65, 25286, and 1482, and open interests were 13462, 506242, 108527, 1211, 39194, and 2864, with open interest changes of 662, -39301, 1655, 3, -1180, and 53 [2] - Spreads and their changes for different contract month combinations are provided, such as 1 - 5 month spread with a current value of 240 and a change of 306 [2] Spot Market - Spot prices for different types of coking coal, including Mongolian 5 main coking coal, low - sulfur main coking coal, etc., are given. For example, the current prices are 1373, 1180, 1520, 1855, 1330, and 1470, with price changes of -17, -50, 32, 0, -10, and 0 [2] Group 3: Core Views - The night session of the main coking coal and coke contracts showed a weak trend, and the total open interest of coking coal was basically flat compared to the previous period [2] - Qatar Energy Company's facility shutdown due to geopolitical conflicts led to a reduction in natural gas supply, prompting fuel substitution in the power industry and a significant strengthening of the futures market [2] - After the holiday, with the progress of resuming work and production, there is an upward expectation for molten iron production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy - related commodities [2] - Future focus should be on the trend of molten iron production, mine operation, import - end policy trends, and geopolitical trends [2]