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Core Viewpoint - The Dalian Commodity Exchange has implemented precise regulatory measures in response to abnormal fluctuations in the coking coal futures market, indicating a strengthened focus on risk prevention in the futures market [1] Regulatory Measures - The exchange has adopted a dual approach of trading limits and fee adjustments. For the JM2601 contract, non-futures company members or clients are limited to a daily opening position of 1,000 lots, while the JM2509 contract is capped at 500 lots, and other coking coal futures contracts are set at a maximum of 2,000 lots. This limit applies to the total of both buying and selling positions for the day, but hedging and market-making trades are exempt from these restrictions [3] - Starting from August 18, the transaction fee for day trading of the JM2601 contract has been increased from 0.01% to 0.02%, effectively doubling the cost. This fee adjustment only applies to day trading, while fees for non-day trading and hedging transactions remain unchanged, reflecting a differentiated treatment of various trading types [3] Market Risk Accumulation - Coking coal futures prices have shown a continuous upward trend since early June, rising from 700 yuan/ton to around 1,300 yuan/ton, with a maximum increase of over 80%. This price increase has been accompanied by a significant influx of capital and heightened speculative activity, with the trading volume ratio of the main contract exceeding 6 on certain trading days, far above normal market levels [4] - The rapid rise in market speculation has drawn regulatory attention. Before late July, the trading volume ratio of JM2509 fluctuated around 2, but it surged above 3 starting July 21, reaching over 6 on July 23 and 24, indicating a strong speculative atmosphere [4] - Following initial regulatory measures on July 25, which limited daily opening positions for JM2509 and other coking coal futures, there was a short-term cooling effect. However, due to supply and demand dynamics, capital began to flow back into coking coal futures in early August, leading to a rapid increase in positions for JM2601 as the delivery month approached [4] Position and Price Trends - The total open interest in coking coal futures has continued to expand, reaching 978,000 lots on August 12, surpassing the previous high of 922,000 lots in late July. On the price front, coking coal futures broke through the late July high on August 12, suggesting potential for further price increases. The ongoing accumulation of market risk and the corresponding increase in regulatory difficulty have prompted the exchange to initiate a second round of stricter regulatory measures [5]