Report Overview - The report is a daily publication from Goldtrust Futures Research Institute, dated February 5, 2026 [1] Industry Investment Rating - Not provided Core Viewpoints - The coking coal market is likely to maintain a wide - range oscillation. After the Spring Festival, there may be a staged rebound, but the overall upside is limited. Operations should focus on high - selling and low - buying within the range [4] Summary by Category Coking Coal - Indonesia's government's large - scale production cut plan has led to miners suspending spot coal exports. Some companies' 2026 production quotas may be cut by 40% - 70% compared to 2025, causing export quotes to skyrocket and driving the A - share coal sector to a daily limit and coking coal futures to strengthen [3] - As the Spring Festival approaches, domestic coal mines in major production areas are starting to arrange for holidays and production suspension, leading to a seasonal low in supply. However, the Mongolian coal customs clearance at the Ganqimaodu Port remains high, with relatively sufficient imports. In February, coking coal supply decreases while demand remains stable, and the fundamentals improve marginally [3] - The coking coal futures are oscillating in the range of 1,100 - 1,300 yuan/ton, with the 1,300 - yuan integer mark being a strong resistance level. The recent rally lacked volume, which may trigger profit - taking by funds. Macroscopically, market trading activity decreases as the Spring Festival approaches, and speculative demand shrinks [3] Stock Index Futures - The A - share market rebounded after hitting the bottom today, with the Shanghai Composite Index returning to the gap. It is facing short - term pressure near the current level, and it is recommended to reduce positions on rallies for now [6][7] Gold - Gold prices continue to decline sharply, and it is expected that the volatility will continue for some time. Caution is advised when participating [10] Iron Ore - With the commissioning of the Simandou project, the expectation of a supply surplus is further fermented. On the demand side, except for exports, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak. Technically, it has broken through the platform support and is regarded as oscillating bearishly [12][13] Glass - The daily melting volume of glass has changed little, and the inventory has slightly decreased. The main drivers are the policy - side stimulus policies and the anti - involution policies for the supply - side clearance. Technically, it closed with a large positive line today, and the trading idea has turned to oscillating bullishly [15][16] Methanol - As the Spring Festival approaches, the methanol market has abundant supply and weakening demand. Enterprises are smoothly clearing their inventories but mostly selling at low prices. The market lacks positive support, and the price is expected to maintain a low - level oscillation in the short term [18] Pulp - From the perspective of the pulp fundamentals, the supply - demand pattern has improved month - on - month since the end of last year, driving the pulp price to bottom out and rebound. However, the recovery of domestic terminal consumption is still slow, which should limit the speed and space of price increases. The futures market has shown an oscillating pattern in the recent period [21]