事关黄金白银，交易所紧急出手！

Core Viewpoint - The Shanghai Futures Exchange and the Shanghai International Energy Exchange have announced adjustments to the trading margin ratios and price fluctuation limits for copper, aluminum, gold, and silver futures contracts, in response to rising market volatility driven by geopolitical tensions and increased risk aversion [1][7]. Group 1: Margin and Price Fluctuation Adjustments - Copper futures contracts will have a price fluctuation limit adjusted to 8%, with a hedging margin ratio of 9% and a general margin ratio of 10% [3][6]. - Aluminum futures contracts will also see a price fluctuation limit of 8%, with similar margin ratios as copper [3][6]. - Gold futures contracts will have varying price fluctuation limits, with some contracts set at 16% and others at 15%, and corresponding margin ratios adjusted to 17% and 18% [4][6]. - Silver futures contracts will have price fluctuation limits of 17% and 15%, with margin ratios adjusted to 18% and 19% respectively [5][6]. Group 2: Market Conditions and Speculation - Recent geopolitical tensions and expectations of monetary easing from the Federal Reserve have contributed to rising prices in precious and non-ferrous metals, leading to increased speculative trading [7][8]. - The Shanghai Futures Exchange has implemented multiple rounds of risk control measures to curb excessive speculation in the metals market, similar to actions taken by the Chicago Mercantile Exchange [7][8]. - Analysts note that the demand for gold is being driven by growth in industrial applications, solid consumer demand for jewelry, and increased purchases by central banks, which are seeking gold as a safe-haven asset amid concerns over U.S. debt [8].