最新公告！黄金、白银期货涨跌停板，调整！

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the price limits and margin requirements for various futures contracts, effective February 9, 2026, aiming to balance liquidity and risk in the market [1][2]. Group 1: Adjustments to Futures Contracts - The price limit for silver futures will be set at 20%, with a general margin requirement of 22% [2]. - For copper, aluminum, lead, and zinc futures, the price limit will be adjusted to 10%, with a general margin requirement of 12% [2]. - Other metals such as nickel and tin will have a price limit of 12% and a general margin requirement of 14% [2]. Group 2: Market Impact and Investor Behavior - The adjustments are expected to stabilize the market and attract funds towards industrial clients and professional institutions, which focus on long-term hedging rather than short-term speculation [3]. - On February 5, significant capital outflows were observed in the copper market, with over 15.2 billion yuan leaving the commodity futures market, and nearly 5 billion yuan specifically from copper [4]. Group 3: Copper Market Dynamics - The copper price has been cautious due to rising global visible inventories, fluctuating around the 100,000 yuan mark for over half a month [5]. - The China Nonferrous Metals Industry Association has emphasized strengthening copper strategic reserves, which may stabilize copper prices in the long term [5]. - The introduction of a dual reserve model for copper and copper concentrate is expected to enhance China's bargaining power against international mining giants and address supply disruption risks [5].