1202热点追踪：多晶硅近月合约快速回落，12月重点关注哪些变化？

Core Viewpoint - The recent changes in trading rules for the polysilicon 2601 contract have led to a decline in trading activity, with a drop of over 3% observed on December 2nd, indicating a cooling market environment [2][6]. Trading Rules and Market Activity - The Guangxi Futures Exchange has adjusted the trading margin and limits for the polysilicon 2601 contract, restricting non-member futures companies or clients to a maximum of 500 contracts for opening positions per day, effective from December 3rd [2][6]. - The trading heat for near-month polysilicon contracts has decreased, resulting in a wide-ranging fluctuation in the market [2][6]. Price Trends and Market Dynamics - The price of N-type polysilicon feedstock has risen to 52,350 yuan per ton, with the minimum delivery grade also at 52,350 yuan per ton [2][6]. - The completion of centralized photovoltaic projects and a simultaneous decline in overseas demand have led to a significant reduction in large-scale orders on the component side, exacerbating negative feedback effects within the supply chain [2][6]. - Polysilicon manufacturers continue to maintain strong pricing strategies, and despite the market's near-month position squeeze and positive spread operations, spot prices have not decreased but rather increased [2][6]. - Manufacturers are persisting with production cuts and inventory reductions without lowering prices, leading to a market characterized by price-volume separation and a situation where there are prices but limited market activity [2][6]. - With the exchange's rule changes, the risk of near-month position squeezing has decreased, prompting attention to future changes in open interest [2][6].