监管升级！LME或永久限制近月大额持仓 分析人士：有望重塑金属交易逻辑

Core Viewpoint - The London Metal Exchange (LME) is seeking to permanently limit large positions in near-month contracts to mitigate the risk of short squeezes in a low inventory environment, reflecting a systemic restructuring to adapt to changes in the global metal market [1][3]. Group 1: Risk Mitigation - The proposed permanent near-month lending rules aim to prevent short squeeze risks associated with low inventory levels and large positions, as evidenced by past incidents like the LME nickel squeeze in 2022 and the copper inventory transfer in 2023 [3]. - LME copper inventory dropped significantly from 270,900 tons in early February to approximately 95,900 tons by the end of June, a decline of over 60%, which contributed to substantial price volatility in LME copper futures [3]. Group 2: New Rules and Regulations - In June, LME introduced temporary regulations limiting the total long positions held by traders in delivery month contracts to the available inventory, requiring excess positions to be closed or converted to zero premium lending within 24 hours [4]. - The new rules proposed for late October focus on "position control" and "liquidity supply," with specific thresholds for lending premiums based on the percentage of total inventory held [4][5]. Group 3: Market Impact - Analysts suggest that the implementation of these new rules will have both short-term and long-term effects, stabilizing price volatility in the short term while potentially reshaping trading logic in the long term [7][9]. - The new regulations are expected to enhance market transparency and reduce the potential for manipulative practices, leading to a more effective price discovery mechanism [7][9]. Group 4: Strategic Considerations - LME's recent initiatives indicate a strategic focus on better serving the Chinese market, including establishing warehouses in Hong Kong and aligning offshore renminbi interest rates with other currencies [8]. - The LME is also optimizing its options market, including plans to convert American-style options to European-style options, which reflects ongoing efforts to enhance market efficiency [8]. Group 5: Regulatory Insights - The new rules from LME may serve as a regulatory reference for domestic futures markets in China, emphasizing the importance of proactive risk prevention measures [9]. - The public consultation period for the proposed rules will continue until November 21, with market participants keenly observing potential adjustments to the tiered thresholds [9].