Coal futures may affect the rise and fall of coal-related stocks, but the overall rise and fall of the stock market has little to do with coal futures. The rise and fall of futures are determined by factors such as supply and demand, related commodity prices and policies, while the rise and fall of stocks are mainly determined by factors such as supply and demand, capital, performance, policies and news.

Futures and stocks are both financial instruments. They exist independently, but futures have the function of publishing prices. Futures prices will rise and fall before stock prices. When the futures price rises, the related stocks will also rise, and when the futures price falls, the related stocks will also fall.