20260325申万期货品种策略日报-双焦（JM&J）-20260325

Group 1: Report Industry Investment Rating - No relevant information provided 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 hot metal production, mine operation rhythm, and the evolution of the geopolitical situation [2] Group 3: Summary by Related Catalogs 11.1 J Futures Price and Volume Information - Price Changes: The closing prices of J futures contracts on the previous day decreased compared to the day before, with declines of - 1.97% to - 3.10% for different contracts [2] - Trading Volume: The trading volumes of different contracts varied, with the 5 - month contract having the highest trading volume of 1,501,424 [2] - Open Interest: The open interest of different contracts also showed different changes, with some increasing and some decreasing [2] - Price Spreads: The price spreads between different contracts changed, with significant increases or decreases in the spreads [2] Spot Price Information - The spot prices of different types of coking coal are as follows: the port pick - up price of Mongolian 5 coking coal is 1,240, the ex - factory price in Linfen is 1,460, the rail - side price in Taiyuan is 1,529, the price in Tangshan is 1,800, and the ex - warehouse price at Rizhao Port is 1,500 [2] Market Analysis - With the end of the phased environmental protection production restrictions, the hot metal production increased significantly last week, and the coke production of coking plants and steel mills also increased slightly, improving the rigid demand for double - coking products [2] - Geopolitical conflicts have increased concerns about the tightening of crude oil supply, which may indirectly affect the coking coal market and increase the substitution effect of coal in the coal - chemical industry, expanding the demand for coking coal [2]