Futures: Coke rose and fell on Thursday, closing at 1,963.5 (up 27), adding more than 16,000 positions and increasing trading volume. At present, the blast furnace operation rate of steel plants is high, the demand is strong, and the coke inventory continues to drop; Shandong fixed production with coal, stimulating the spot price rise expectation; the fourth round of increase of 50-100 for multi local coke enterprises, and the futures follow the logic of increasing valuation and concussion.

Spot: Rizhao, Qingdao port coke spot strong price: quasi first-class coke 1,900, first-class coke 2,000. Shandong Province plans to reduce 10% of its coal production and total coal consumption, and many coking plants in Xuzhou, Shanxi and other places raise the price of coke by 50-100 in the fourth round, pushing up market price expectations. The overall inventory of coke enterprises in Shanxi Province is low and the shipment is smooth; the blast furnace operation rate of steel plants remains high and the demand is strong; the supply and demand pattern is tight, and the port inventory reduction supports the market price.

Strategy Analysis: covid-19 is the main factor that affects the economic impact of the current financial and monetary easing and support. The restart of economy in Europe and the United States has boosted market demand expectations, and crude oil rebounded strongly. However, the epidemic situation in the United States and other places continued, and there are worries about expansion. We should strengthen macro-control at home and adopt strong and loose policies to stabilize economic growth. At present, the demand continues to exceed expectations and the easing policy pushes up the expectation of spot price rise. The futures follow the logic of rising volatility caused by rising valuation and prevent short-term correction.

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