Huaan**: Yesterday, coking coal closed down 137% to 16885 yuan ton.
Morning strategy] coking coal coke.
Market Analysis]: Yesterday, coking coal closed down 137% to 16885 yuan tons, coke closed down 15% to 23025 yuan ton. In addition, the mainstream mines in Henan have resumed production except for the accident coal mines, but as the holiday approaches, some coal mines have begun to take holidays one after another, and the first end of the festival will gradually tighten. With the passage of time, it is expected that the market volume will be further lower next week, the market activity will drop to a low point, and the supply and demand of the bifocal market will remain in a tight balance. On the whole, the industrial drive was weak before the year, the fundamental long and short factors were intertwined, the speculation of macro funds for the market outlook has not yet started, the market wait-and-see sentiment is strong, and the disk is expected to run relatively smoothly.
Investment strategy]: Before the holiday, see more and move less, and the high ** is weak
Morning Strategy] ferrous metals.
Market Analysis]: Yesterday's black system was weak. On the news side, on February 5, the total scrap inventory of 300 parents and short-process steel mills across the country was 719760,000 tons, down 0710,000 tons, down 009%；Inventory turnover days 118 days, unchanged from yesterday; The total daily consumption is 42760,000 tons, down 2 from yesterday14%；The total number of daily arrivals is 41880,000 tons, down 3 from yesterday98%。The market trades in advance the demand after the holiday to falsify expectations, and at the same time, the decline of the market has a greater impact on the industrial products market; In the fundamental dimension, the raw material side is gradually coming to an end with the winter storage replenishment, and the supply and demand are further loosening, so the steel cost side is facing the risk of collapse. However, the supply and demand pattern of steel itself has not changed much, and the large-level contradiction drive is limited. Therefore, it is recommended to watch more and move less before the holiday, wait and see, and spend the holiday with empty or light positions.
Investment strategy] :* bearish, but it is not recommended to chase short in the medium and long term.
Disclaimer: The information in this report is publicly available, and Huaan** Investment Advisory Department strives to be accurate and reliable, but does not make any guarantee for the accuracy and completeness of this information. This report does not constitute personal investment advice and does not take into account the particular investment objectives, financial situation or needs of individual clients. Customers should consider whether any observations or recommendations in this report are appropriate to their particular circumstances.