交易限额！两大交易所出手，焦煤、碳酸锂“降温”

Core Viewpoint - The article discusses the recent trading limit requirements imposed on two popular futures products, coking coal and lithium carbonate, which have led to a significant decrease in market trading volumes [1][2][3]. Group 1: Trading Limits Imposed - On July 25, the Dalian Commodity Exchange announced that the daily opening position limit for the main coking coal futures contract (JM2509) would be capped at 500 lots, while other contracts would be limited to 2000 lots. Similarly, the lithium carbonate futures contract (LC2509) would have a daily limit of 3000 lots [2][6][8]. - The daily opening position limit refers to the total number of buy and sell positions that non-futures company members or clients can hold in a single contract on that day [7][8]. Group 2: Market Impact - Following the implementation of these trading limits, the trading volumes for both coking coal and lithium carbonate futures saw a decline of over 20%. Specifically, the total trading volume for coking coal futures dropped by 912,000 lots, while lithium carbonate futures fell by 690,000 lots, resulting in a combined decrease of over 1.7 million lots [3][12]. - On July 25, the closing price for the main coking coal futures contract reached 1259 yuan/ton, marking a 77.57% increase from its low of 709 yuan/ton on June 3. This was the fourth consecutive day that the contract closed at the limit price [11][12]. Group 3: Market Sentiment and Future Expectations - Despite the cooling measures, market sentiment remains bullish, driven by the "anti-involution" policy, which has led to increased capital inflow into the ferrosilicon market. On the same day, the main ferrosilicon contract closed at 6166 yuan/ton, up 7.01%, while the manganese silicon contract reached a limit price of 6414 yuan/ton, with a trading volume increase of 54,700 lots [13][15]. - The market is anticipating further policy implementations to stabilize the industry, with discussions among major manganese production companies aimed at achieving consensus on energy conservation and emission reduction [16].