On the afternoon of February 2, the domestic futures market experienced a broad decline, with the main contracts of over 10 futures varieties hitting or locking in their daily downside limits, involving gold, silver, platinum, palladium, copper, aluminum, nickel, crude oil, lithium carbonate, and others.
In the precious metals sector, the main contracts for silver, platinum, and palladium futures were locked at their daily limit early in the session, with Shanghai silver futures down 17%, and platinum and palladium futures down 16%; gold futures hit their daily limit in the afternoon, falling 16%.
For industrial metals, Shanghai tin futures hit their daily limit early, dropping 11%. Copper, aluminum, nickel, and cast aluminum alloy futures saw their losses widen in the afternoon and touched their daily limits, with Shanghai nickel futures down 11%, copper and aluminum futures down 9%, and cast aluminum alloy futures down 7%. Additionally, new energy metal lithium carbonate futures hit their daily limit during the session, falling 14%.
In the energy and chemical products category, crude oil futures hit their daily limit, declining 7%. The main contracts for fuel oil, low-sulfur fuel oil, butadiene rubber, pure benzene, and styrene futures all fell more than 5%.
By the market close, the main contracts for Shanghai silver, palladium, platinum, Shanghai nickel, Shanghai tin, Shanghai copper, Shanghai aluminum, international copper, stainless steel, crude oil, fuel oil, aluminum alloy, and lithium carbonate had all hit their daily downside limits; Shanghai zinc fell over 6%, LU fuel oil and pure benzene dropped more than 5%, ethylene glycol and liquefied petroleum gas declined over 4%, NR, coke, and others fell more than 3%, soybean oil, plastics, and others were down over 2%, while glass, red dates, and others decreased more than 1%, and corn, starch, and others saw slight declines; only a very few varieties, such as caustic soda and raw logs, managed to close higher.
Furthermore, the A-share market experienced volatile adjustments throughout the day, with the three major indices all falling over 2%, and the STAR 50 Index dropping more than 3%. The total trading volume for the Shanghai and Shenzhen markets was 2.58 trillion yuan, shrinking by 250.8 billion yuan compared to the previous trading day.
Across the board, over 4,600 stocks declined, with 123 stocks hitting their daily downside limits. Sector-wise, the baijiu concept saw repeated active trading, with Huangtai Wine Industry securing its third consecutive daily limit rise, Jinhuijiu hitting its limit twice in three days, and Shuijingfang touching its upside limit. The power grid equipment concept bucked the trend and strengthened, with Hanlan Co., Ltd., Baiyun Electric, Sanbian Technology, Baobian Electric, and several other stocks rising by their daily limits.
On the decline, sectors such as non-ferrous metals, oil and gas, chemicals, coal, and semiconductors led the losses. The non-ferrous metals sector was particularly hard hit, with stocks like Sichuan Gold, Chifeng Gold, Tongling Nonferrous, and Western Mining all falling by their daily limits. The memory chip concept plunged sharply, with Gigadevice and Kaipuyun both hitting their daily downside limits.
At the close, the Shanghai Composite Index was down 2.48%, the Shenzhen Component Index fell 2.69%, and the ChiNext Index declined 2.46%.
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