提高手续费，交易所再度出手降温

Core Viewpoint - The recent adjustments in trading fees by the Zhengzhou Commodity Exchange aim to cool down the market, leading to a notable rebound in previously declining commodities like glass and soda ash [1][3]. Group 1: Trading Fee Adjustments - The Zhengzhou Commodity Exchange announced an increase in trading fees for glass, soda ash, and caustic soda effective from July 30, 2025, with specific fees set at 10 CNY per hand for glass and 0.04% and 0.02% of transaction value for soda ash and caustic soda respectively [1]. - Following the announcement, commodities such as焦煤 (coking coal), glass,焦炭 (coke), and soda ash experienced significant price rebounds, with焦煤 rising over 6% and glass over 4% [1]. Group 2: Market Activity and Trends - The trading volume in the futures market has significantly decreased, with a 31.89% drop to 38.76 million hands and a 23.45% decrease in transaction value to 321.26 billion CNY, marking the lowest levels since July 21 [3]. - Despite being among the top traded commodities, glass and soda ash saw their trading volumes decline by 26.3% and 32.5% respectively, while焦煤's volume dropped nearly 40% [3]. - There is a continued outflow of funds from the glass and soda ash markets, with outflows of 221 million CNY and 102 million CNY respectively, alongside a reduction in positions for both commodities [3]. Group 3: Market Sentiment and Future Outlook - Analysts indicate that the rapid price increases in the past have created a negative feedback loop, constraining manufacturers' ability to sell, with the market shifting focus from expectations to fundamental logic [4]. - The black series commodities are showing mixed trends, with焦煤 continuing to decline but at a reduced rate, while螺纹 (rebar) and热卷 (hot-rolled coil) have seen increases of around 2% [6]. - The market sentiment is influenced by rumors and potential policy changes, with expectations of production cuts in September, although the actual impact remains uncertain [7].