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伦交所新规限制持仓,豪赌铝期货的Mercuria被迫减仓
Hua Er Jie Jian Wen· 2025-06-21 07:50
Core Points - The London Metal Exchange (LME) has implemented new regulations requiring traders with large positions to reduce their holdings, particularly affecting energy trading giant Mercuria, which has been forced to cut its aluminum futures positions [1][2] - The new rule is a response to significant market disruptions caused by large energy traders entering the metal market, with Mercuria's aluminum position exceeding 1 million tons while LME's inventory dropped below 350,000 tons [2][3] - The LME's intervention aims to prevent market distortion due to traders holding positions several times larger than the available deliverable inventory [3] Group 1 - The LME's new regulation mandates that any trader holding positions in near-month contracts exceeding the total available inventory must reduce their positions [1][2] - The regulation applies to all market participants and is intended to address the recent influx of energy traders into the metal market [1][2] - The LME has indicated that this rule is temporary but may consider making it permanent in the future [3] Group 2 - Recent market conditions have shown signs of supply tightness, with the copper price spread reaching its highest spot premium since 2021, indicating significant market pressure [3] - The ongoing decline in inventory levels has amplified the impact of large positions on market pricing mechanisms, prompting the LME to take action [3] - The LME is set to take over the responsibility for market position limits from the Financial Conduct Authority (FCA) in July next year, with considerations for implementing restrictions on traders' positions in near-month contracts [3]