上期所上调白银期货合约保证金比例与涨跌停板幅度 防范市场过度波动

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to silver futures contract margin ratios and price fluctuation limits to address recent market volatility and enhance risk management [1][2]. Group 1: Margin and Price Adjustments - Starting from the close on December 12, 2025, the price fluctuation limit for the silver futures AG2602 contract will increase from 14% to 15% [2]. - The margin ratio for hedging positions will rise from 15% to 16%, while the margin ratio for general positions will increase from 16% to 17% [2]. Group 2: Market Context and Price Movements - Recent international complexities have led to significant volatility in the precious metals market, prompting the exchange to advise investors to manage risks and participate in trading rationally [2]. - As of December 10, 2025, the domestic silver market reached a record high, with the main silver futures contract closing at 14,373 yuan per kilogram, reflecting a 5.44% increase [2]. Group 3: Inventory Levels and Market Risks - Global silver inventories are at historical lows, with the Shanghai Futures Exchange's silver inventory at 688 tons as of December 5, 2025, representing a more than 50% reduction for the year [3]. - The London Metal Exchange's silver inventory has decreased by approximately 75% from its peak in 2019, leading to increased liquidity risks [3]. - The New York COMEX inventory has not effectively alleviated the physical shortage issues due to cross-border transportation bottlenecks [3].