Recently, our young teacher, Dr. Feng Liu, and his collaborators won the third prize of the 13th (2017-2018) Social Science Outstanding Achievement Award of Fujian Province for his paper Dynamic jumps in global oil price and its impacts on China's bulk commodities First prize (ranked second, signed by Xiamen University).

This article explores the impact of the jump in international oil prices on the Chinese bulk commodity market from the overall market and industry categories. The results show that the current oil price jump will significantly reduce the yield of the bulk commodity market and have a strong positive impact on its market volatility; and when the oil price jump has passed, the volatility of the bulk commodity market will show a clear reverse tendency to callback. The author believes that because oil price jumps often originate from and are accompanied by sudden changes in global financial market risks, the current rise in commodity market volatility actually reflects the panic of market entities; and after the oil price jump has passed, the volatility of the commodity market will decrease. The reverse callback reflects the rational return trend of market investment behavior.