【SMM Daily Comment: Futures Market Experiences High-level Fluctuations, Pessimism in Coke Spot Market Intensifies】

Today, coking coal futures exhibited high-level fluctuations, but the spot market transactions remained sluggish due to strong market expectations of coke price declines. Coupled with the recent increase in coal mine production, leading to a slight increase in the supply of coking coal, downstream coke enterprises have adopted a cautious procurement stance and are heavily inclined towards a wait-and-see attitude. Consequently, the fundamentals of coking coal have weakened, with a higher number of failed online auctions. In the short term, coking coal prices are expected to continue trending weakly with fluctuations.