上期所：调整白银期货交易规则

Core Viewpoint - The article discusses the recent adjustments in silver futures trading rules by the Shanghai Futures Exchange, highlighting significant price fluctuations and market dynamics in the silver market [1][4][11]. Group 1: Trading Rule Adjustments - The trading limit for silver futures contracts has been adjusted to 16%, with margin requirements set at 17% for hedged positions and 18% for general positions [4]. - The adjustments reflect a 1 percentage point increase in both margin and trading limits, aimed at addressing market uncertainties and preventing extreme price movements [5]. Group 2: Market Trends and Analysis - Since the beginning of the year, domestic silver futures have seen a price increase of over 9%, nearing 10%, with new highs being reached [9]. - The silver market has experienced a speculative atmosphere due to significant price volatility globally, leading to increased buying activity since October of the previous year [7][11]. - Analysts indicate that the current gold-silver ratio has dropped to its lowest level in nearly a decade, suggesting that silver prices may be overvalued in the short term, urging investors to exercise caution [11]. - There is a possibility that silver futures could reach new highs by 2026, although uncertainties in international markets may lead to increased volatility at elevated price levels [13].