Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - Overseas conflicts cause concerns about energy costs, and coking coal prices fluctuate accordingly. In the short term, the prices are highly volatile, so risk control should be emphasized and a wait - and - see approach is recommended [2] Group 3: Summary by Relevant Catalog Market Logic - At the beginning of last week, energy concerns caused by the Middle East geopolitical conflict and chemical transmission sentiment were released again, stimulating the coking coal futures price to reach the daily limit. Then the sentiment cooled down, and the price fluctuated and declined, with relatively sharp overall fluctuations. On the spot side, steel mills in some regions gradually accepted the coke price increase, and the coking coal price in the production area continued the slight upward trend [2] Fundamental Analysis - **Supply**: The supply rhythm of domestic coking clean coal slowed down slightly last week. The daily average output of clean coal was 786,000 tons, a decrease of 12,000 tons compared with the previous week and an increase of 27,000 tons year - on - year, remaining at the median level of the same period in previous years. The inventory at the mine end was gradually transferred to the downstream. At the import end, the daily customs clearance volume at the Ganqimaodu Port of Mongolian coal remained at a relatively high level, and the inventory in the port supervision area continued to increase, with supply pressure still existing [2] - **Demand**: Last week, steel mills continued the resumption of production trend, and the daily average hot metal output rebounded to 2.31 million tons, a decrease of 53,000 tons year - on - year. In the first quarter, the average hot metal output of steel mills was basically the same as that of the same period last year. Attention should be paid to the production increase rhythm of steel mills during the peak season [2]

Core Viewpoint - The primary task of the newly nominated Federal Reserve Chair, Waller, will be to restore global market credibility, especially in the context of the recent tensions between Trump and Powell [1] Group 1: Market Impact - The nomination of Waller is seen as a positive development, reducing uncertainty and market disturbances caused by Trump's pressure on the Federal Reserve Chair [1] - A significant drop in gold prices and an even sharper decline in silver prices indicate a stronger dollar and a different market environment, particularly affecting silver [1] Group 2: Investment Implications - Given Waller's hawkish stance, traders heavily invested in precious metals may face losses, particularly those without hedged or short positions [1] - Some traders may encounter severe difficulties next Monday, especially those not holding neutral positions or shorting precious metals [1]