Futures: Coke surged higher and fell back on Wednesday, closing at 1,828.5 (down 23), adding more than 2,000 positions and increasing trading volume. U.S. stock futures were blown again, crude oil continued to decline, bulk commodities were under pressure, steel demand gradually recovered from the spot prices of steel mills, and black energy varieties plummeted after surging. Coke is subject to short-term or continuous pressure fluctuation, and attention should be paid to market expectation, fund initiative and change of supply and demand rhythm.

Spot: today, the coke market as a whole is generally traded, with a cumulative increase and decrease of 200 in four rounds. Port inventory: Rizhao Port 100 (up 3), Qingdao port 161 (up 1). Quotation of metallurgical coke: Rizhao grade II 1,750, Tangshan grade II 1,700, Linfen grade I 1,600. In terms of coke enterprises, the inventory has accumulated. After four rounds of increase and decrease, coke enterprises have basically balanced their profits and losses. Some coke enterprises have slightly improved their shipments, port prices have stabilized, and traders still keep a wait-and-see attitude. In the steel plant, the weekly building materials output increased slightly. Due to the influence of inventory pressure and delayed demand, the coke was purchased on demand and the enthusiasm for purchasing was still general. The coke spot operation was weak and stable in a short time.

Strategy analysis: at present, the government strengthens macro-control, loose policies release liquidity to stabilize the market, fully promotes resumption of work and production, and increases counter cyclical adjustment. The outbreak spread abroad, the OPEC agreement broke, crude oil plummeted, industrial products in the global stock market came under pressure, and many countries implemented monetary easing policies. In the near future, the inventory of downstream steel plants has been reduced, and the pressure has begun to shift to the social inventory. The demand has gradually increased, the inventory reduction has increased, and the overall volatility of futures and spot goods is wide. Under the favorable influence of domestic and foreign easing policies, the demand explosion in the second quarter is expected to increase, forming a support for the low price area of black energy varieties.

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