商品期市继续回调，解读来了

Core Viewpoint - The recent decline in commodity futures is attributed to profit-taking after a significant price increase driven by "anti-involution" policies and subsequent regulatory measures limiting trading volumes [1][2]. Group 1: Market Performance - On July 29, commodity futures experienced a broad decline, with焦煤 (coking coal) down over 7%, 玻璃 (glass) nearly 8%, and 碳酸锂 (lithium carbonate) over 5% [1]. - From July 1 to July 25, prices for multiple commodities surged, with multi-crystalline silicon futures up 52.31%, glass futures up 33.79%, lithium carbonate futures up 28.46%, and coking coal futures rising 49.44% over seven consecutive trading days [1]. Group 2: Regulatory Impact - On July 25, exchanges implemented strict trading limits, with Dalian Commodity Exchange capping焦煤 futures at 500 contracts per day and the Guangxi Exchange limiting碳酸锂 futures to 3,000 contracts [1]. - Prior to this, on July 17, the Guangxi Exchange had already imposed limits on multi-crystalline silicon and industrial silicon futures [1]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the recent downturn is a result of profit-taking from previously accumulated gains and the emotional release triggered by regulatory measures [2]. - The "anti-involution" measures are expected to improve supply-demand mismatches in the market, although short-term volatility may persist. Long-term, commodity prices may strengthen with improved demand [2].