密集调整！交易所紧急出手！
Sou Hu Cai Jing·2026-01-20 12:01

Core Viewpoint - The Shanghai Futures Exchange and the Guangzhou Futures Exchange have announced adjustments to margin requirements and price limits for various futures contracts, effective from January 2026, in response to market conditions and risk management strategies [1][2][4][5]. Group 1: Margin and Price Limit Adjustments - The margin requirement for copper futures contracts will be adjusted to 9% for hedging positions and 10% for general positions, with a price limit of 8% [1] - For aluminum futures, the margin will also be set at 9% for hedging and 10% for general positions, with a price limit of 8% [1] - Gold futures contracts AU2602, AU2603, and AU2604 will have a price limit of 16% and margin requirements of 17% for hedging and 18% for general positions [1] - Gold futures contracts AU2606, AU2608, AU2610, AU2612, and AU2702 will have a price limit of 15% and margin requirements of 16% for hedging and 17% for general positions [1] - Silver futures contracts AG2602, AG2603, and AG2604 will have a price limit of 17% and margin requirements of 18% for hedging and 19% for general positions [1] - For other silver futures contracts, the price limit will be 15% with margin requirements of 16% for hedging and 17% for general positions [1] - The margin for international copper futures will mirror the domestic adjustments, with a price limit of 8% [2] Group 2: Trading Limits - The maximum number of contracts for day trading in silver futures is set at 3000 lots for specific contracts [2] - The maximum number of contracts for day trading in nickel futures is set at 2500 lots for specific contracts [3] - For tin futures, the maximum number of contracts for day trading is set at 800 lots, effective from January 16, 2026 [4] - The trading limits for hedging and market-making transactions are not subject to these restrictions [3][4] Group 3: Lithium Futures - The price limit for lithium carbonate futures will be adjusted to 11%, with margin requirements of 13% for speculative trading and 12% for hedging, effective from January 21, 2026 [5] - The main contract for lithium carbonate futures has already hit the price limit as of January 20, 2026 [5]