The study looked at how different types of investors in the Shanghai commodity futures market affect prices and volatility. Individual investors and speculators can cause price fluctuations due to overconfidence and herd behavior. Institutional investors and hedgers, on the other hand, can predict price trends and help stabilize prices. By improving the balance of different types of investors, the market can better discover prices and reduce volatility. Setting limits and margins for different investors can guide their behavior and improve the market's function.