20260304申万期货品种策略日报-双焦（JM&J）-20260304

Report Overview - The report is the Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) on March 4, 2026, released by Shenwan Hongyuan Futures [1] Core View - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total position of coking coal remained basically flat compared with the previous period. The suspension of operations at Qatar Energy's facilities due to geopolitical conflicts led to a reduction in natural gas supply, prompting the power industry to switch fuels and causing the futures market to strengthen significantly. After the Spring Festival, with the resumption of work and production, there is an expectation of an increase in hot metal 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 commodities. The future focus should be on the trend of hot metal production, mine operation, import - related policies, and geopolitical trends [2] Key Data Futures Market | Contract Month | 1st Month | 5th Month | 9th Month | 1st Month | 5th Month | | --- | --- | --- | --- | --- | --- | | Previous Day's Closing Price | 1420.0 | 1127.0 | 1222.0 | 1856.0 | 1694.0 | | Two Days Ago's Closing Price | 1392.5 | 1094.0 | 1194.5 | 1818.0 | 1652.0 | | Change | 27.5 | 33.0 | 27.5 | 38.0 | 42.0 | | Change Rate | 1.97% | 3.02% | 2.30% | 2.09% | 2.54% | | Trading Volume | 5280 | 1151632 | 99633 | 65 | 25286 | | Open Interest | 13462 | 506242 | 108527 | 1211 | 39194 | | Change in Open Interest | 662 | - 39301 | 1655 | 3 | - 1180 | | Spread (Current Value) | 240 | - 79.5 | - 160.5 | 160.5 | - 77.5 | | Spread Change | 306 | 2.5 | - 308.5 | 429.5 | 2 | [2] Spot Market | Coal Type | Mongolian No. 5 Main Coking Coal | Low - Sulfur Main Coking Coal | Low - Sulfur Main Coking Coal | Tangshan First - Grade Coke | Jinzhong Quasi - First - Grade Coke | Rizhao Port Quasi - Grade Coke | | --- | --- | --- | --- | --- | --- | --- | | Current Price | 1373 | 1180 | 1520 | 1855 | 1330 | 1470 | | Price Change | - 17 | - 50 | 32 | 0 | - 10 | 0 | [2]