It plummeted by 53.70% in 9 days! The price was cut in half!

At 13:12 yesterday (November 2), the coal industry sector index reported 8252.806 points, a drop of 4%, with a turnover of 10.312 billion yuan and a turnover rate of 1.17%. Among the stocks in the sector, the top five stocks with the largest declines were: Jinkong Coal Industry reported 10.18 yuan, down 9.75%; Haohua Energy reported 9.58 yuan, down 6.72%; Shanghai Energy reported 10.64 yuan, down 6.34%; Lu'an Environmental Energy News 12.31 yuan, down 6.17%; Shanxi Coking Coal reported 8.86 yuan, down 6.04%.

9 days plunged 53.70%, the price was cut in half

The coal futures market has changed its previous upward trend. Within 9 trading days, 7 trading days touched the down limit, 5 trading days closed at the down limit, and the main thermal coal contract has fallen for 9 consecutive days. As of November 1, the main contract price of thermal coal fell from the highest of 1982.0 CNY/ton, and the lowest was 917.6 CNY/ton, a decrease of 53.70%. The price has fallen below 1,000 CNY/ton and has been cut in half.

Authorities said that the National Development and Reform Commission is discussing and determining a reasonable price level for thermal coal. Although it is still in the discussion stage, it has a far-reaching impact on the market. Inner Mongolia Yitai Group and Inner Mongolia Xinglong Energy took the initiative to lower the price of 5,500 calories from 1,200 yuan to 1,000 yuan per ton, and at the same time declared that the price of all coals sold would be converted based on this. Subsequently, private coal companies in Shanxi and Shaanxi followed closely to lower coal prices.

The price of coal fell to the limit, and those who burst and pierced their positions "sorrow everywhere"

The coal market has a lower limit, a large number of futures speculators liquidated their positions, and the futures companies were unable to liquidate their positions. The capital panic who entered the market fled at the cost at all costs, and the liquidators wailed. Investors who have misdirected their positions have repeatedly been recruited, with losses, liquidation, liquidation and even shortfalls in an endless stream.

At the beginning of October, many investors believed that the price of thermal coal had been upset, and they began to fight the bulls desperately-to open short orders. However, all of these people were "blood-bathed", and all their short positions went out of stock, and they lost their money. A big V on Weibo opened 400 shorts of steam coal, which was blown up by the short-selling market. In just a few trading days, the 15 million yuan deposit was all lost, which can be described as a heavy loss.

At the same time, many investors on social platforms have complained, saying that it only takes a few days for coal futures to be cut, but countless people have liquidated their positions.