20260310申万期货品种策略日报：双焦（J&J）-20260310

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The main contracts of coking coal and coke showed a volatile trend last night, and the total position of coking coal was basically flat compared with the previous period. Last week, the coking coal production continued to rebound, and the coking coal supply continued to increase. Affected by environmental protection restrictions in many places, the molten iron production decreased significantly, and the rigid demand for coking coal weakened. The inventory of clean coal in mines increased, and the inventory of coking coal downstream decreased, and its fundamentals weakened. It is expected that with the advancement of resuming work and production, the molten iron production will increase significantly, driving the improvement of the rigid demand for coking coal and coke and supporting coal prices. The future market should focus on the trend of molten iron production, the start - up situation of mines, and the geopolitical situation [2]. 3. Summary by Relevant Catalogs Market Price and Volume Information - Futures Price: The previous day's closing prices of different contract months of coking coal and coke varied. For example, the previous day's closing price of a certain coking coal contract was 1468.0, and the price increase was 42.0 with a rise rate of 2.95%. The trading volume and open interest of each contract also had different values, and the open interest of some contracts decreased, while others increased [2]. - Spot Price: The current prices of different types of coking coal in the spot market are as follows: the port self - pick - up price of Meng 5 main coking coal is 1175, the Linfen market price of low - sulfur main coking coal is 1460, etc. Some spot prices had an increase of 10 [2]. Geopolitical Information - US President Trump made remarks on the Iranian situation, saying that the war might end soon and that it had basically ended, and the progress was much faster than his initial expectation of 4 to 5 weeks. He also said that he would make a final decision to end the military action against Iran at an "appropriate time". When asked about Iran's new supreme leader, he said he had nothing to say and claimed to have a candidate in mind to replace him but did not elaborate [2].