Futures: Coke settled in shock last Friday, closing at 1,717.5 (up 0.5), adding more than 11,000 positions and increasing trading volume. The global interest rate has been cut more to maintain stable economy, crude oil demand has been sharply reduced, prices have fallen sharply, apparent consumption of building materials has continued to pick up and hit a new high over the years, black energy varieties have been surging after surging, and the competition for funds in coke has intensified. Coke will fluctuate in the next week. Pay attention to plate linkage, capital sentiment and change of supply and demand rhythm.

Spot: the coke market is temporarily stable today, and the port's spot resource quotation is down 10 RMB, but the increase has not yet landed. Quotation of metallurgical coke: Rizhao second grade 1,700, Tangshan second grade 1,650, Linfen first grade 1,550. Port inventory: Rizhao Port 134 (minus 1), Qingdao port 169 (flat). In terms of coke enterprises, the supply is stable, the operating rate is basically the same as that in the earlier stage, the willingness to hold up the price under the condition of low profit is enhanced, the inventory in the coke enterprises of the main production area continues to decline, and the situation of purchasing orders by traders in steel mills is gradually improved. In terms of steel plants, the operating rate of blast furnace has been rising steadily, and the trading volume of downstream building materials has reached the normal level of the market. However, due to the poor profit of finished materials and the impact of inventory pressure, the overall demand for coke is still based on demand, and some demand for coke has increased. In a comprehensive view, the short-term stable operation of the coke market.

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 epidemic spread abroad, many countries implemented monetary easing policies, the global stock market industrial products riots, OPEC production reduction agreement less than the market expected, crude oil continued to weaken. In the near future, the inventory of building materials and social inventory of downstream steel plants began to drop, the terminal demand recovered in an explosive manner, and the overall wide fluctuation of futures and spot goods. Under the favorable influence of domestic and foreign easing policies, the demand for building materials in the second quarter may remain high, and the support will be strengthened after the futures fall to the undervalued and low price areas.

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