上期所：再次对黄金、白银等期货品种提保扩板

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has announced an adjustment to the price limits and margin requirements for various futures contracts, including gold and silver, effective from February 9, 2026, in response to extreme market conditions [1][4]. Group 1: Adjustments to Futures Contracts - The price limit for gold futures contracts has been adjusted to 17%, with the margin requirement for hedging positions set at 18% and for general positions at 19% [2][3]. - The price limit for silver futures contracts has been increased to 20%, with the margin requirement for hedging positions at 21% and for general positions at 22% [2][3]. - For non-ferrous metals, the price limit for copper, aluminum, lead, and zinc has been set at 10%, with corresponding margin requirements of 11% for hedging and 12% for general positions [2][3]. - The price limit for aluminum alloy, wire, and stainless steel has been adjusted to 8%, with margin requirements of 9% for hedging and 10% for general positions [2][3]. - Nickel and tin futures contracts have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [2][3]. Group 2: Market Response and Implications - Industry experts indicate that the SHFE's decision to raise price limits and margin requirements is a timely and necessary measure to address current extreme market conditions, aiming to alleviate market pressure and reduce risks associated with high-leverage speculation [4]. - The adjustments are seen as a preventive measure to maintain overall market stability and to prevent risks from overseas market fluctuations, particularly in the context of heightened market sentiment in international precious metals [4]. - The measures reflect China's regulatory approach to prioritize stability in the commodity futures market, especially as the Spring Festival approaches and uncertainties in overseas markets increase [4]. Group 3: Market Performance - On February 5, domestic commodity futures saw significant declines, with silver dropping over 10% and other metals like copper and aluminum also experiencing declines of more than 2% [5]. - International precious metal prices continued to adjust, with spot silver experiencing a drop of over 17% at one point, and spot gold down by nearly 3% [5].