1, China's commodity futures pricing power is missing.

At present, the pricing power of international commodities is mainly in the futures markets of the United States and Europe, and the commodity futures prices in China are following the trend to some extent.

2 China commodity futures trading period.

Many American futures products are traded for more than 20 hours a day. For example, crude oil futures are only closed for 45 minutes a day, so the price of the next day is continuous no matter how much it rises or falls in a trading day. However, China's commodity futures only have about 4 hours of trading time every day, and the evening time is exactly the active time for trading in the United States and Europe. If the other market price fluctuates greatly, it will easily lead to a gap in our opening price the next day.

In addition, the differences between Chinese and western holiday systems also aggravate the price gap.

3. China's commodity futures price settlement system.

China's commodity futures implement the settlement price system, and the closing price and settlement price are generally different, which is likely to be quite different. For example, on a trading day, the price of a certain variety has been running at a high level, and suddenly there is a bad ending, and the price will fall rapidly or even fall to the limit. Because the settlement price is the average price of all transactions on that day, it is likely to rise, and if the bearish situation still exists the next day, it will definitely open lower.