交易所连发公告！调整涨跌停板幅度和交易保证金比例

Core Viewpoint - The Shanghai Futures Exchange and Shanghai Gold Exchange have announced adjustments to margin ratios and price fluctuation limits for various futures contracts, as well as work arrangements for the 2026 Spring Festival to mitigate risks associated with international market price volatility during the holiday period [1][11]. Group 1: Margin and Price Fluctuation Adjustments - The margin ratios and price fluctuation limits for newly listed contracts such as copper, aluminum, lead, and zinc have been adjusted to 10% for price fluctuation limits, with margin ratios set at 11% for hedging positions and 12% for general positions [2]. - For contracts like nickel and tin, the price fluctuation limit is set at 12%, with margin ratios of 13% for hedging and 14% for general positions [2]. - Gold contracts have a price fluctuation limit of 17%, with margin ratios of 18% for hedging and 19% for general positions, while silver contracts have a limit of 20% and corresponding margin ratios of 21% and 22% [2]. - Other contracts, including rebar and hot-rolled coils, have a price fluctuation limit of 7%, with margin ratios of 8% for hedging and 9% for general positions [2]. Group 2: Spring Festival Work Arrangements - The Shanghai Futures Exchange will not conduct night trading on February 13, 2026, and will be closed from February 14 to February 23, 2026, resuming trading on February 24, 2026 [5][7][8]. - Adjustments to margin ratios and price fluctuation limits will take effect from the close of trading on February 12, 2026, with specific changes outlined for various contracts [9][10]. - After the Spring Festival, on the first trading day without a one-sided market, the margin ratios and price fluctuation limits will revert to their original levels [10]. Group 3: Risk Control Measures - The Shanghai Gold Exchange has implemented adjustments to margin ratios and price fluctuation limits for gold and silver contracts to prevent price volatility during the Spring Festival [11][12]. - For gold contracts, the margin ratio will increase from 18% to 21%, and the price fluctuation limit will change from 17% to 20% starting from February 11, 2026 [11]. - Silver contracts will see a margin ratio increase from 24% to 27%, with the price fluctuation limit changing from 23% to 26% [11].