密集调整！多个交易所，最新出手

Core Viewpoint - Multiple exchanges have made significant adjustments to the price limits and margin requirements for various futures contracts, indicating a response to market volatility and aiming to stabilize trading conditions [1][2]. Group 1: Futures Contract Adjustments - From February 5, 2026, the price limit for futures contracts on fuel oil, asphalt, butadiene rubber, and natural rubber will be adjusted to 9%, with margin requirements set at 10% for hedging and 11% for general positions [1]. - The price limit for futures contracts on pulp and printing paper will be adjusted to 7%, with margin requirements of 8% for hedging and 9% for general positions [1]. - The price limit for silver futures will be set at 19%, with margin requirements of 20% for hedging and 21% for general positions starting February 4, 2026 [1]. - For crude oil, low-sulfur fuel oil, and No. 20 rubber futures, the price limit will also be 9%, with similar margin requirements as above [1]. - Platinum and palladium futures will have a price limit of 20% and a margin requirement of 22% starting February 5, 2026 [1]. Group 2: Margin Adjustments for Specific Contracts - The margin level for Ag(T+D) contracts will be adjusted from 26% to 23%, with the price limit changing from 25% to 22% starting February 3, 2026 [2]. - For Au(T+D) and related contracts, the margin ratio will increase from 16% to 17%, with the price limit changing from 15% to 16% starting February 4, 2026 [2]. - The margin for CAu99.99 contracts will be adjusted from 120,000 yuan to 150,000 yuan per contract [2]. Group 3: Market Reactions - On February 3, international gold and silver prices experienced a significant rebound, with gold rising nearly 6% to approximately $4,930 per ounce and silver increasing over 12% to around $88 per ounce [3]. - Specific market data shows that London gold reached $4,935.46, reflecting a 5.93% increase, while London silver hit $88.663, up 12.05% [4]. - In the domestic market, the Shanghai Futures Exchange reported that the main silver contract rose over 8% and the main gold contract increased over 4% on the night of February 3 [4].