集体暴涨！多个大宗商品期货连日涨停，交易所紧急提醒

Core Viewpoint - The recent surge in commodity futures prices, particularly in iron alloy, lithium carbonate, and coking coal, has prompted multiple exchanges to issue risk warnings and adjust risk control parameters to ensure market stability [1][12][13]. Price Movements - On July 25, major domestic commodity futures contracts saw significant price increases, with coking coal futures rising for seven consecutive trading days, reaching 1259 yuan/ton, a cumulative increase of 49% for the month [4]. - Lithium carbonate futures also hit the limit, closing at 80,520 yuan/ton, with a monthly increase of 28% [4]. - Other commodities such as manganese silicon and silicon iron also reached their price limits, with monthly increases of 13% and 15%, respectively [4]. Market Dynamics - The total amount of funds in the futures market reached approximately 778.3 billion yuan, the highest since January 2014, indicating strong market activity [8]. - From June 3 to July 25, coking coal prices increased by 73%, while polysilicon and glass prices rose by 56% and 35%, respectively [8]. Policy Influence - Analysts attribute the price surge to the "anti-involution" policies emphasized in the Central Financial Committee's sixth meeting, which aim to promote a unified national market and improve product quality [8][9]. - The policies are expected to lead to structural reforms in supply, contributing to the current bullish sentiment in the market [9]. Risk Management - Exchanges such as Zhengzhou Commodity Exchange and Dalian Commodity Exchange have issued risk warnings to their members, urging them to enhance risk management and investor education [12][13]. - The Guangxi Exchange has adjusted risk control parameters for several commodities, including increasing margin requirements and transaction fees [13]. Future Outlook - Analysts suggest that the future trajectory of commodities like manganese silicon will depend on the implementation of policies and the ability of downstream industries to absorb rising raw material costs [10]. - The market sentiment is currently driven by policy expectations, with a focus on the stability of external demand and substantial improvements in domestic demand [10][14].