镍、氧化铝、铅、锌、不锈钢 上期所调整多个期货合约风控参数

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the price limits and margin ratios for nickel, alumina, lead, zinc, and stainless steel futures contracts, effective from January 27, 2026, to enhance market regulation and prevent systemic risks [1][2][4]. Summary by Category Price Limit Adjustments - Nickel futures price limit will be adjusted to 10%, with a hedging margin ratio of 11% and a general margin ratio of 12% [1][2]. - Alumina, lead, and zinc futures price limits will be set at 8%, with a hedging margin ratio of 9% and a general margin ratio of 10% [1][2]. - Stainless steel futures price limit will be adjusted to 6%, with a hedging margin ratio of 7% and a general margin ratio of 8% [1][2]. Margin Ratio Adjustments - The margin ratios for nickel futures will be 11% for hedging and 12% for general positions [1][2]. - For alumina, lead, and zinc futures, the ratios will be 9% for hedging and 10% for general positions [1][2]. - Stainless steel futures will have a hedging margin ratio of 7% and a general margin ratio of 8% [1][2]. Market Context - The adjustments are a response to heightened volatility in international metal prices and are aimed at regulating market speculation, especially during the sensitive period leading up to the Chinese New Year [1][4]. - Factors such as international geopolitical tensions, uncertainty in major economies' monetary policies, and competition over key minerals have contributed to rising prices of various commodities, particularly strategic resources [1][4].