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Core Viewpoint - The article discusses the recent adjustments made by commodity exchanges to cool down the market, specifically focusing on the increased transaction fees for glass, soda ash, and caustic soda futures, which have led to a notable decrease in trading volume and market activity [1][2]. Group 1: Fee Adjustments - The Zhengzhou Commodity Exchange announced an increase in transaction fees for various futures contracts effective from July 30, 2025, including a fee of 10 yuan per hand for glass futures and a fee of 0.04% of the transaction amount for soda ash futures [2]. - The transaction fee for caustic soda futures was set at 0.02% of the transaction amount for both regular and intraday positions [2]. Group 2: Market Reactions - Following the fee adjustments, there was a significant rebound in previously declining futures, with coking coal rising over 6%, glass increasing by over 4%, and both coking coal and soda ash seeing gains of over 3% [3]. - Despite the rebound, the overall trading volume in the futures market dropped significantly, with a 31.89% decrease to 38.76 million contracts and a 23.45% decrease in transaction value to 32.13 billion yuan, marking the lowest levels since July 21 [4]. Group 3: Capital Flow and Positioning - The glass and soda ash markets continued to experience capital outflows, with glass seeing a net outflow of 221 million yuan and soda ash 102 million yuan [4]. - Open interest in both glass and soda ash futures has been declining, with glass positions down by 26,700 contracts and soda ash by 41,500 contracts [4]. Group 4: Market Dynamics - The black series commodities showed mixed performance, with coking coal continuing to decline but at a reduced rate, while rebar and hot-rolled coil saw approximately 2% increases [6]. - The rebar futures contract closed at 3,347 yuan per ton, with a 1.98% increase and significant capital inflow, indicating a shift in investor focus towards rebar and hot-rolled coil [7].