早盘速递 2026/1/13 板块表现 重点关注 白银、烧碱、锡、镍、PVC 夜盘表现 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 板块涨跌幅（%） -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 商品期货主力合约夜盘涨跌幅 涨跌幅 增仓比率（右轴） 非金属建材, 2.05% 贵金属, 32.45% 油脂油料, 7.87% 软商品, 3.00% 有色, 28.02% 煤焦钢矿, 10.10% 能源, 2.29% 化工, 9.91% 谷物, 1.16% 农副产品, 3.15% 商 品 各 板 块 资 金 占 比 第 1 页，共 3 页 板块持仓 (200,000) 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Wind农副产品 Wind谷物 Wind化工 Wind能源 Wind煤焦钢矿 Wind有色 Wind商品综合 Wind软商品 Wind油脂油料 Wind贵金属 Wind非金属建材 近五日商品 ...

上海期货交易所发布通知称，近期国际形势复杂多变，金属品种波动较大，请各有关单位采取相应措 施，提示投资者做好风险防范工作，理性投资，共同维护市场平稳运行。 ...

Core Viewpoint - The article reviews the extreme market fluctuations during the night trading session of November 11, 2016, known as the "Futures Double 11 Massacre" or "Flash Crash Event," highlighting the rapid transition from a bullish to a bearish market within a short time frame [1]. Group 1: Market Performance - The night session began with a strong upward trend, with black commodities (iron ore, coking coal, coke) and copper quickly hitting the limit up, while other commodities like cotton and palm oil also surged significantly [2]. - A flash crash occurred between 21:41 and 21:45, where major short sellers dumped hundreds of billions, triggering a chain reaction of algorithmic trading [3]. - Within three minutes, 12 commodities, including soybean meal, PTA, and rubber, plummeted to their limit down prices [4]. - Notable extreme cases included cotton, which dropped from limit up (+7%) to limit down (-7%) within six minutes, resulting in a 14% fluctuation, and iron ore, which opened its limit up but eventually closed with a 2.16% gain, down over 10% from its peak [5]. Group 2: Closing Results - By the end of the session, black commodities showed mixed results: coking coal and thermal coal slightly increased, while coke and rebar fell by 0.6% and 1.6%, respectively [6]. - Agricultural and chemical products experienced significant declines, with soybean meal and PTA dropping over 5%, rubber and methanol nearly 5%, and cotton down 3.6% [6]. Group 3: Key Factors Behind Volatility - Regulatory policies had a cumulative effect, as major exchanges implemented risk control measures in the week leading up to the event [8]. - The combination of algorithmic trading and high leverage created a situation where large short positions triggered a chain reaction of stop-loss orders, leading to a "long squeeze" [8]. - The majority of commodities were traded with leverage of 8-10 times, meaning a 7% price fluctuation could result in a total loss of capital [8]. - Fundamental bubbles and speculative overheating were evident, with supply-side reforms causing short-term surges in black commodities, while funds shifted from black commodities to lagging agricultural products like cotton [9]. - External factors, such as global risk appetite fluctuations following the U.S. election and liquidity tightening due to the "Double 11" shopping festival, exacerbated the situation [10].