20260325申万期货品种策略日报-双焦（J&J）-20260325

Group 1: Report Industry Investment Rating - No relevant information available Group 2: Core View of the Report - The short - term double - coking futures market is expected to maintain a relatively strong trend. Attention should be paid to changes in molten iron production, mine operation rhythm, and the evolution of geopolitical situations. As the environmental protection restrictions end, the molten iron production increased last week, and the coke production of coking plants and steel mills also slightly increased. The rigid demand for double - coking has improved significantly. Geopolitical conflicts may indirectly affect the coking coal market, increasing the substitution effect of coal in the coal - chemical industry and opening up the imagination space for the demand side of coking coal [2]. Group 3: Summary by Related Catalogs J Futures Market Data - Price and Change: The closing prices of J futures contracts on the previous day for January, May, and September were 1568.0, 1249.5, and 1371.5 respectively, with price decreases of - 31.5, - 40.0, and - 7.0 compared to the day before, and declines of - 1.97%, - 3.10%, and - 0.51% respectively. The closing prices of the second - year contracts for January, May, and September were 1960.5, 1798.0, and 1873.5 respectively, with price decreases of - 44.0, - 49.0, and - 41.5 compared to the day before, and declines of - 2.20%, - 2.65%, and - 2.17% respectively [2]. - Trading Volume and Open Interest: The trading volumes of J futures contracts for January, May, and September were 10211, 1501424, and 339015 respectively, and the open interests were 17944, 390957, and 175352 respectively. The open interest changes were 211, - 45887, and 5614 respectively. For the second - year contracts, the trading volumes for January, May, and September were 226, 28124, and 4262 respectively, and the open interests were 2062, 34384, and 11218 respectively, with open interest changes of 125, - 2320, and 796 respectively [2]. - Spread: The spreads between January - May, May - September, and September - January for the current contracts were 240, - 79.5, and - 160.5 respectively, with spread changes of 306, 2.5, and - 308.5 respectively. For the second - year contracts, the spreads were 160.5, - 77.5, and - 83 respectively, with spread changes of 429.5, 2, and - 431.5 respectively [2]. Spot Market Data - The spot prices of Mongolian No. 5 coking coal (port pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur coking coal (Taiyuan rail - side price), Tangshan Grade 1 coke, Jinzhong Grade 1 coke, and Rizhao Port Grade 1 coke (warehouse - out price) were 1240, 1460, 1529, 1800, 1280, and 1500 respectively [2].