交易所紧急出手，夜盘继续大跌

Core Viewpoint - The article discusses the significant decline in silver and gold futures prices, primarily driven by external macroeconomic factors and liquidity disturbances, rather than domestic fundamentals [3][4]. Group 1: Market Reactions - On February 2, 2026, the main contract for silver futures on the Shanghai Futures Exchange (SHFE) opened and quickly fell by 20%, hitting the limit down [3]. - Other futures contracts, including copper, crude oil, and nickel, also experienced substantial declines [3]. - The London spot gold price peaked at $5,598.75 per ounce on January 29, 2026, before dropping to around $4,600 by February 2, 2026 [4]. - Similarly, the London spot silver price fell from a high of $121.647 per ounce on January 29, 2026, to approximately $80 by February 2, 2026 [4]. Group 2: Regulatory Responses - The SHFE issued a risk warning early in the market's volatility and increased the price fluctuation limits and margin requirements to mitigate external shocks [5]. - The exchange has been actively monitoring the market and has implemented various risk management measures to ensure orderly market operations [5]. - On February 2, 2026, the SHFE imposed restrictions on certain clients for exceeding trading limits, in accordance with its regulations [7][8]. Group 3: Market Dynamics - Analysts attribute the extreme volatility in precious metals to a rapid release of accumulated risks, following speculative trading based on long-term trends like "de-dollarization" [4]. - The leverage level for silver futures has decreased from 7-8 times to around 4-5 times due to the exchange's margin adjustments [6].