贵金属“凶猛”，上期所再出手“降温”，涉及这些品种

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has implemented adjustments to the trading margin ratios and price fluctuation limits for copper, aluminum, gold, and silver futures contracts to mitigate market volatility and maintain trading order during a sensitive period ahead of the Spring Festival [1][2][3]. Group 1: Margin and Price Fluctuation Adjustments - Starting from January 22, 2026, the price fluctuation limit for copper futures will be adjusted to 8%, with the margin ratio for hedging positions set at 9% and for general positions at 10% [1][2]. - Similar adjustments have been made for aluminum futures, with the same price fluctuation limits and margin ratios as copper [1][2]. - For gold futures, the fluctuation limits are set at 16% for contracts AU2602, AU2603, and AU2604, with margin ratios of 17% for hedging and 18% for general positions; other gold contracts have slightly lower limits [2][8]. - Silver futures have a fluctuation limit of 17% for contracts AG2602, AG2603, and AG2604, with corresponding margin ratios of 18% and 19%; other silver contracts have lower limits [2][8]. Group 2: Market Context and Reactions - The adjustments come in response to significant price volatility in precious metals, with gold prices recently surpassing $4,800 per ounce and silver exceeding $95 per ounce [10]. - Following the SHFE's intervention, the night trading session for gold futures saw prices rise to 1,074 yuan per gram, reflecting an over 8% increase for the year; however, silver futures experienced a decline [10]. - The SHFE's actions are seen as a measure to strengthen market regulation and prevent systemic risks, especially as international metal prices have been highly volatile [2][3]. Group 3: Broader Market Implications - Analysts suggest that geopolitical tensions and a weakening dollar are contributing to the rising prices of precious metals, indicating a potential long-term strategic value for these assets as hedges against market instability [11]. - Concerns about a "de-dollarization" trend are emerging, as investors seek to diversify away from the dollar, which may further benefit precious metals and other resource commodities [11][12]. - There are also indications of increased caution regarding copper prices, with a notable reduction in speculative positions and rising domestic copper inventories due to mismatched supply and demand [5][12].