Institutional view: short-term fundamental contradictions are still not large, and bifocal is expected to continue the trend of range fluctuations

Gold ten futures on June 12, the main contract of coking coal rose more than 1%, the main contract of coke rose nearly 1%, Zhengxin futures point of view: coke, the spot two rounds of lifting and lowering opened, some coke companies resisted, most coke companies are still profitable, start to maintain the previous load, the overall supply is relatively stable. Demand, last week, the molten iron was basically flat, the overall is still at a high level, coke rigid demand is still supported. Speculation, the disk weakened, the profit turned negative, speculative sentiment weakened. In terms of coking coal, the recent increase in coal mine accidents, the increase in supply is not obvious, and the output is still low year-on-year; Mengmei Ganqimaodu port daily average traffic to maintain a high level. In terms of demand, under the bearish mood of coke, downstream coking companies have slowed down their procurement of raw materials, and the intermediate links have also stayed on the sidelines. The trading atmosphere of the coking coal market continues to cool down, and the online bidding of coal mines has fallen more and less, and the phenomenon of failed auctions has gradually increased. Overall, the supply of bicoke has gradually rebounded, the iron water on the demand side is still at a high level, and the short-term fundamental contradictions are still not large. It is expected to continue the range fluctuation trend. Strategically, coke 2200-2400 and coking coal 1600-1850 are the main operating ranges.