13 futures contracts collectively hit the limit down, industry insiders say it was caused by a stampede of long positions.

Impacted by the sharp decline in international precious metals, the domestic bulk commodity market experienced a rare heavy setback. On February 2, the domestic futures market opened significantly lower across the board, with panic spreading throughout the day. From precious metals to non-ferrous metals to energy and chemical industries, multiple varieties successively hit their downward limits. By the end of the day, Shanghai silver, platinum, palladium, Shanghai copper, Shanghai aluminum, Shanghai nickel, Shanghai tin, aluminum alloy, lithium carbonate, international copper, stainless steel, crude oil, fuel oil, and other 13 futures varieties collectively hit their downward limits, leading to a "Black Monday" in the market. Many industry professionals told Securities Times reporters that this round of bulk commodity market crash was not caused by a single fundamental factor, but rather a combination of factors such as excessive previous price increases, highly concentrated leveraged funds, and extremely fragile trading structures. Under the disturbance of news, a bull stampede quickly formed and was significantly amplified through program trading and derivative mechanisms.