交易所出手：上调涨跌停板幅度！

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to the trading margin ratio, price fluctuation limits, and trading limits for tin futures due to increased volatility in non-ferrous metal futures [1][2]. Group 1: Margin and Price Limits - The margin ratio for tin futures contracts will be adjusted to 12% for hedging positions and 13% for general positions, with the price fluctuation limit set at 11% starting from January 15, 2026 [2][3]. - The current standards for tin futures are 8% for hedging positions and 10% for general positions, indicating an increase in both categories [3]. Group 2: Trading Limits - From January 16, 2026, the maximum number of contracts for non-futures company members and special overseas non-broker participants for intraday opening in tin futures will be limited to 800 contracts, while hedging and market-making trades are exempt from this limit [5]. Group 3: Market Context - Tin prices have been rising significantly, with the main tin futures contract on the Shanghai Futures Exchange reaching historical highs [6]. - Despite expectations for the resumption of tin mining in the Wa State region, actual production recovery has not met market expectations, leading to tight supply conditions and low processing fees for tin ore [7]. - The demand from high-tech end products remains relatively stable, with major U.S. tech companies continuing to expand capital expenditures, supporting a robust overall market for tin [8].