2月2日午后，国内期货市场有超过10个期货品种主力合约封住或触及跌停，涉及黄金、白银、铂、钯、铜、铝、镍、原油、碳酸锂等。 截至2月2日收盘，贵金属方面，白银、铂、钯期货主力合约早早封住跌停，沪银期货跌幅17%，铂、钯期货跌幅16%；黄金期货午后一度触及跌停， 收跌15.73%。 有色金属集体走弱，沪铜、沪铝以9%的跌幅跌停，沪锡、沪镍以11%的跌幅跌停，沪铅跌2.31%，沪锌跌6.86%。氧化铝主连跌0.61%，铸造铝主连 以7%的跌幅跌停。 此外，碳酸锂期货主连以13.99%的跌幅跌停，多晶硅跌1.66%，工业硅跌1.18%。欧线集运主连跌3.06%报1184.6点。 为防范市场风险，2月2日，上海黄金交易所发布消息称，若2月2日白银延期合约Ag（T+D）出现单边市，当日收盘清算后上海黄金交易所将再次上 调白银延期合约Ag（T+D）交易保证及涨跌停板比例。此外，芝商所也将于2月2日收盘后进一步上调黄金、白银、铂、钯等品种的动态保证金比 例。 对于铜价走势，光大期货表示，随着贵金属的历史级调整，铜价也难免受到冲击调整，虽然调整力度弱于贵金属，但1月份以来主要由资金推动行情 的涨幅部分很有可能受到挑战。进入2 ...

Group 1: Hot News - Trump denied his involvement in the Justice Department's subpoena to the Federal Reserve and said Fed Chair Powell's performance was poor [2] - Guangzhou Futures Exchange warned of market uncertainties and price fluctuations, and will strengthen supervision [2] - Shanghai Gold Exchange notified significant price fluctuations in precious metals and advised risk prevention [2] - The Australian government plans to buy and stockpile key minerals worth A$1.2 billion from local miners [2] Group 2: Sector Performance - Key commodities to watch: silver, caustic soda, tin, nickel, PVC [3] - Night - session performance: non - metallic building materials rose 2.05%, precious metals 32.45%, etc. [3] Group 3: Sector Position - Shows the five - day change in commodity futures sector positions from January 6 - 12, 2026 [4] Group 4: Major Asset Performance - Equity: Shanghai Composite Index rose 1.09% daily, 4.95% monthly and yearly; other indices had various performances [5] - Fixed - income: 10 - year Treasury futures rose 0.06% daily, - 0.01% monthly and yearly; others had different changes [5] - Commodities: CRB Commodity Index rose 0.85% daily, 1.76% monthly and yearly; other commodities also had different performances [5] - Others: the US Dollar Index fell 0.24% daily, rose 0.64% monthly and yearly; CBOE Volatility was flat daily, fell 3.08% monthly and yearly [5] Group 5: Stock Market Risk Preference and Commodity Trends - Displays the trends of major commodities such as BDI, CRB index, WTI crude oil, etc. [6]

Core Viewpoint - The Shanghai Futures Exchange has issued a notice regarding the recent complex and volatile international situation affecting metal prices, urging relevant parties to take appropriate measures to ensure risk prevention and maintain market stability [1] Group 1 - The international situation is described as complex and variable, leading to significant fluctuations in metal prices [1] - The Shanghai Futures Exchange emphasizes the importance of risk prevention for investors [1] - The notice calls for collective efforts to maintain stable market operations [1]

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].