The opening commodity market on October 21 continued to be extreme. Among them, thermal coal futures once again fell to a halt across the board, and coking coal, coke and other varieties also fell significantly.
The Securities Regulatory Commission made a statement late at night
Following many consecutive days, the regulatory departments played a combination of fists", curbed excessive speculation in thermal coal, and put an end to malicious speculation by capital, all parties responded positively to the policy, and the CSRC announced the response policy late at night.
Yesterday evening (October 20), the CSRC issued a document saying that in order to further serve the supply and price stability of bulk commodities and strengthen the supervision of the futures market, the CSRC will be proactive and take multiple measures to guide the exchange to take a number of measures such as raising the fee standard, tightening the transaction limit, and studying and implementing a number of measures such as expanding the scope of delivery products, resolutely curbing excessive speculation and eliminating capital malicious speculation.
At the same time, we will maintain a high-pressure posture of zero tolerance for violations of laws and regulations in the futures market, increase the crackdown on manipulation and other violations of laws and regulations, and maintain good market order.
The CSRC pointed out that the next step will continue to cooperate with the macro management department to do a good job in the linkage supervision of the futures and the present, and organize targeted efforts to strengthen the interpretation and guidance of relevant policies and measures, stabilize market expectations, and jointly maintain the smooth operation of the futures spot market.
The National Standing Committee will set the tone and crack down on speculation in the coal market according to law
Premier Li Keqiang of the State Council presided over the executive meeting of the State Council on the 20th. The meeting pointed out that ensuring that the masses of the people, especially the disaster-stricken people, can spend the winter safely and warmly is a clear requirement of the CPC Central Committee and the State Council. It is predicted that the temperature in the north this winter will be lower than the same period of the year. The meeting decided to ensure heating in the northern region, especially in the northeast. Make every effort to ensure the production and transportation of coal for heating。 Crack down on speculation in the coal market in accordance with the law。 Second, it is necessary to ensure the heating and gas consumption in key areas in the north. Third, we must give full play to the role of the coal, electricity, oil and gas transportation guarantee mechanism. It is necessary to reasonably control the lighting of urban night scenes and promote energy conservation.
On the other hand, on the evening of October 20, ZhengShang issued an announcement to implement trading limits for some contracts of thermal coal futures and adjust the transaction fees of some contracts of thermal coal futures.
For non-futures company members or customers who exceed the trading limit for the first time, the Zhengzhou Commodity Exchange (hereinafter referred to as Zhengshang) requires reporting the relevant situation and taking regulatory measures to suspend the opening of positions for not less than 5 trading days. If the trading limit is exceeded in the cumulative 2 trading days, ZhengShang will take regulatory measures to suspend the opening of positions for not less than 1 month. Where the circumstances are serious, it shall be handled in accordance with the relevant provisions of the Measures for the Handling of Violations of the Zhengzhou Commodity Exchange.
Yesterday, the Shanxi Coking Coal Coke International Trading Center also said that it would suspend the "coal auction trading" service.
In addition, Yulin City held a special meeting on coal supply in the fourth quarter and also proposed that all state-owned enterprises in Yu should take the lead in reducing prices by 100 yuan / ton before 18:00 on the 19th, the price of enterprises that have signed a long-term guarantee for supply shall not exceed 1200 yuan / ton, and private enterprises shall not exceed 1500 yuan / ton. All formalities in Yu state-owned enterprises will be suspended for those who refuse to carry out the implementation, and administrative measures will be taken by the relevant units such as the National Development and Reform Commission, the Energy Bureau, and the Public Security Bureau.
For the future market, Wei Ying, a senior researcher at Industrial Futures, believes that in the short term, this round of strict policy regulation and control will have a greater impact on market sentiment, and the varieties with higher implied supply or cost premiums in the futures price may have a large decline, but after the release of market sentiment, if the macro and commodity mesoscopic fundamentals have not substantially improved, it is difficult for commodity prices to trend down.