On October 30, domestic commodity futures closed mixed in the morning session, with the main contracts showing divergent movements. Coking coal surged over 3%, while lithium carbonate and industrial silicon rose more than 2%. Coke, BR rubber, PVC, iron ore, and apples also gained over 1%. On the downside, red dates dropped more than 2%, with live hogs and fuel oil declining over 1%.

Zhang Shaoda, a black commodities analyst at CITIC Securities Futures, attributed the gains primarily to heightened policy expectations and tight supply-demand dynamics. On the policy front, China's Ministry of Commerce and four other departments issued the "Urban Commercial Quality Improvement Action Plan," which aims to curb "cutthroat competition" and foster a fair, innovative, and open business environment. The policy signals a clear intent to stabilize market expectations and prevent disorderly competition, interpreted by the market as an indirect reinforcement of production controls in the upstream energy sector. With policy priorities balancing safety and industrial order, the "anti-cutthroat competition" sentiment quickly spilled over into futures trading.

Separately, the U.S. Federal Reserve cut interest rates by 25 basis points as expected, lowering the federal funds rate target range to 3.75%-4.00%. This follows a similar 25-basis-point reduction on September 17, aligning with market expectations.

The majority of the Federal Open Market Committee (FOMC) members supported the decision, though newly appointed Governor Milan, nominated by President Trump, voted for a 50-basis-point cut, while Kansas City Fed President Schmid favored no change—highlighting growing internal divisions.

The Fed's final policy meeting of the year is scheduled for December 9–10. Discussions during the latest meeting revealed starkly differing views on future policy direction, making further rate cuts far from certain.

Chairman Jerome Powell elaborated that the U.S. government shutdown could impact economic activity, and the resulting lack of data might justify a pause in rate adjustments, warranting greater caution. Additionally, a significant portion of U.S. consumers remain deeply dissatisfied with inflation.