Report Summary 1. Report Industry Investment Rating - No information provided on industry investment rating 2. Report's Core View - The market for both coking coal and coke is dominated by strong expectations, with their futures prices likely to maintain a relatively strong and volatile trend in the near term, and investors should continue to monitor domestic and international policies [5][7] 3. Summary by Related Catalogs 3.1 Variety View Reference - For coking coal 2509, the short - term view is bullish, the medium - term view is volatile, the intraday view is strongly volatile, and the reference view is a volatile approach due to optimistic sentiment supporting a volatile rebound [1] - For coke 2509, the short - term view is bullish, the medium - term view is volatile, the intraday view is strongly volatile, and the reference view is a volatile approach as multiple factors lead to a volatile operation [1] 3.2 Main Variety Price Market Driving Logic - Commodity Futures Black Sector Coking Coal (JM) - On July 16, the main coking coal contract closed at 897 points, down 1.48% intraday. The main contract's open interest was 562,000 lots, with a difference of + 24,254 lots from the previous trading day. The latest quotation of Mongolian coal at Ganqimaodu Port was 940 yuan/ton, unchanged from the previous week, with a futures warehouse receipt cost of about 911 yuan/ton [5] - Although the short - term fundamentals of coking coal have not improved significantly and there is an expectation of marginal growth in supply in July, positive news such as the US delaying the tariff exemption period and domestic "anti - involution rectification" have improved market sentiment and driven up futures prices. Additionally, President Xi Jinping's remarks during an inspection in Shanxi have alleviated market bearish sentiment [5] Coke (J) - On July 16, the main coke contract closed at 1,494.5 yuan/ton, down 1.45% intraday. The main contract's open interest was 45,300 lots, with a difference of + 223 lots from the previous trading day. The latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port was 1,220 yuan/ton, unchanged from the previous week, and at Qingdao Port, it was 1,270 yuan/ton, up 3.25% from the previous week [7] - The improvement in the raw material atmosphere of coke has led to higher coking coal spot prices, increasing coking enterprises' losses and strengthening cost support, which has raised expectations of a price increase for coke. In the futures market, the supply and demand of coke have both declined, but strong expectations dominate the market. Since July, multiple positive news at home and abroad have led to a rebound of the main coke contract, and as prices rise, the market's long - short game intensifies [7]