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Why do coal futures go up and stocks don't?
The rise and fall of stocks are not determined by futures, but mainly by factors such as supply and demand, capital, performance, policies and news, while futures are determined by factors such as supply and demand, related commodity prices and policies.

However, the rise and fall of futures may affect the rise and fall of related stocks. When the price of coal futures rises, the relevant coal stocks may rise, and when the price of coal futures falls, the relevant coal stocks may fall.