Coking coal hits a new low, when will the inflection point appear?

Gold Ten Futures December 9th news, today's coal coke weakness did not change, of which coking coal broke a new low, 2501 contract closed down 2.05%. Recently, bicoke continued to plunge, the trend is relatively smooth, is the weakest link in the black chain, on the one hand, subject to the fundamentals of its deviation, on the other hand, by the suppression of warehouse receipts in recent months. The current coking coal 2501 contract price has fallen below part of the cost of the long-term coal association. At present, the supply pressure has improved marginally. Some coal mines in Shanxi are subject to inventory pressure and have reduced production. Due to the port explosion, the import volume of Mongolian coal has also declined in half. The profit of Australian coal imports has been upside down for more than half a month, and the port inventory has also begun to turn downward. It coincides with the early stage of major domestic conferences. It is recommended to wait and see with caution. < b > In the long run, the first quarter of next year is still expected to decline, so the cost downward space will continue to open. The 2501 contract in recent months is subject to warehouse receipt pressure, and it is expected that there is still some room for decline before delivery.