Group 1 - Zhengzhou Commodity Exchange announced adjustments to futures contract transaction fees effective from July 30, 2025, including specific fees for glass, soda ash, and caustic soda futures [1] - Following the announcement, there was a notable rebound in previously declining futures, with coking coal rising over 6%, glass over 4%, and coking coal over 4% [3] - The overall trading volume in the futures market decreased significantly, with a 31.89% drop to 38.76 million contracts and a 23.45% decrease in trading value to 32,125.7 billion yuan, marking the lowest levels since July 21 [3] Group 2 - Glass and soda ash remained among the top traded products, but both experienced significant declines in trading volume, with decreases of 26.3% and 32.5% respectively [3] - Coking coal trading volume fell by nearly 40%, dropping to 2.96 million contracts, while other products like red dates, stainless steel, apples, and eggs saw trading volume declines exceeding 60% [3] - There was a net outflow of funds from glass and soda ash, amounting to 221 million yuan and 102 million yuan respectively, with a reduction in open positions for glass by 26,700 contracts and for soda ash by 41,500 contracts [3]

Core Viewpoint - The Zhengzhou Commodity Exchange has announced adjustments to trading fees for specific futures contracts, effective from July 30, 2025, during night trading sessions [1] Group 1: Trading Fee Adjustments - The trading fee for the glass futures contract (2509) will be adjusted to 10 yuan per lot for intraday closing positions [1] - The trading fee for the soda ash futures contract (2509) will be set at 0.04% of the transaction amount for intraday closing positions [1] - The trading fees for the caustic soda futures contract (2509) will be adjusted to 0.02% of the transaction amount for both regular trading and intraday closing positions [1]

Core Viewpoint - The recent adjustments in trading fees by the Zhengzhou Commodity Exchange aim to cool down the market, leading to a notable rebound in previously declining commodities like glass and soda ash [1][3]. Group 1: Trading Fee Adjustments - The Zhengzhou Commodity Exchange announced an increase in trading fees for glass, soda ash, and caustic soda effective from July 30, 2025, with specific fees set at 10 CNY per hand for glass and 0.04% and 0.02% of transaction value for soda ash and caustic soda respectively [1]. - Following the announcement, commodities such as焦煤 (coking coal), glass,焦炭 (coke), and soda ash experienced significant price rebounds, with焦煤 rising over 6% and glass over 4% [1]. Group 2: Market Activity and Trends - The trading volume in the futures market has significantly decreased, with a 31.89% drop to 38.76 million hands and a 23.45% decrease in transaction value to 321.26 billion CNY, marking the lowest levels since July 21 [3]. - Despite being among the top traded commodities, glass and soda ash saw their trading volumes decline by 26.3% and 32.5% respectively, while焦煤's volume dropped nearly 40% [3]. - There is a continued outflow of funds from the glass and soda ash markets, with outflows of 221 million CNY and 102 million CNY respectively, alongside a reduction in positions for both commodities [3]. Group 3: Market Sentiment and Future Outlook - Analysts indicate that the rapid price increases in the past have created a negative feedback loop, constraining manufacturers' ability to sell, with the market shifting focus from expectations to fundamental logic [4]. - The black series commodities are showing mixed trends, with焦煤 continuing to decline but at a reduced rate, while螺纹 (rebar) and热卷 (hot-rolled coil) have seen increases of around 2% [6]. - The market sentiment is influenced by rumors and potential policy changes, with expectations of production cuts in September, although the actual impact remains uncertain [7].

人民财讯7月29日电，郑州商品交易所今日发布通知，经研究决定，自2025年7月30日当晚夜盘交易时 起，玻璃期货2509合约的日内平今仓交易手续费标准调整为10元/手，纯碱期货2509合约的日内平今仓 交易手续费标准调整为成交金额的万分之四，烧碱期货2509合约的交易手续费标准和日内平今仓交易手 续费标准均调整为成交金额的万分之二。 ...

Core Viewpoint - The macro trading sentiment has cooled down, leading to profit-taking and a significant decline in commodity futures, with several key commodities hitting their daily limit down [1]. Group 1: Commodity Performance - Soda ash main contract 2509 hit the limit down, closing at 1316 CNY/ton, with a decline of 8.04% and an increase in open interest by over 46,600 contracts compared to the previous day [2]. - Glass main contract 2509 also hit the limit down, closing at 1223 CNY/ton, down by 9%, with a decrease in open interest of over 78,000 contracts and a net outflow of 955 million CNY [2]. - Lithium carbonate main contract 2509 closed at 73,120 CNY/ton, down by 7.98%, with a reduction in open interest of over 112,000 contracts and a net outflow of 2.374 billion CNY [2]. - Industrial silicon main contract 2509 closed at 8,915 CNY/ton, down by 8%, with a decrease in open interest of over 44,000 contracts and a net outflow of 656 million CNY [2]. - Coking coal main contract 2509 hit the limit down, closing at 1,100.5 CNY/ton, down by 11%, with a reduction in open interest of over 126,000 contracts and a net outflow of 2.666 billion CNY [3]. - Coking coal had previously experienced four consecutive trading days of limit up before this decline [3]. Group 2: Market Analysis and Outlook - The analysis from Zhonghui Futures indicates that the short-term capital situation is overly concentrated, leading to increased volatility in coking coal prices. The main focus for future trading will be on the support level around 950-960 CNY/ton [3]. - There is anticipation of a potential second upward trend in coking coal prices if upcoming domestic policy announcements exceed expectations; otherwise, prices are likely to revert to fundamental industry logic [3].