12月23日晚间，广期所发布多项风控措施公告，涉及铂、钯、碳酸锂及多晶硅等多个活跃品种，通过上调手续 费、保证金、涨跌停板幅度及收紧交易限额等方式，进一步强化市场风险管理。 广期所再出手，铂、钯、碳酸锂期货同步收紧风控。 市场人士普遍认为，在部分品种价格波动显著放大的背景下，广期所密集出手，释放出"强监管、防风险"的明 确信号。 铂、钯、碳酸锂风控同步加码 根据公告，经研究决定，对铂、钯、碳酸锂期货相关合约的交易手续费标准、涨跌停板幅度和交易保证金标准 作如下调整： 自2025年12月25日交易时起，铂期货PT2606合约、钯期货PD2606合约的交易手续费标准调整为成交金额的万 分之二点五，日内平今仓交易手续费标准调整为成交金额的万分之二点五；碳酸锂期货LC2605合约的交易手 续费标准调整为成交金额的万分之三点二，日内平今仓交易手续费标准调整为成交金额的万分之三点二。 自2025年12月25日结算时起，铂、钯期货合约涨跌停板幅度调整为10%，交易保证金标准调整为12%。如遇上 述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不同时，则按两者中幅度大、 标准高的执行。 广期所在公告中明 ...

Core Insights - The first year of operation for China's log futures and options, launched on November 18 and 19, 2024, has achieved a successful start with steady growth in trading volume and open interest [1] Trading Performance - A total of 8 log futures contracts and 164 log options contracts were listed, with a combined trading volume of approximately 7.87 million lots and a trading value of about 464 billion yuan, averaging 32,400 lots per day and 53,400 lots in open interest [1] - The LG2507 and LG2509 contracts have completed delivery of 1,412 lots, equivalent to approximately 127,100 cubic meters of logs, with a total value of about 10.4 million yuan, indicating successful trading, settlement, and delivery processes [1] Price Trends - Log futures and spot prices exhibited a trend of rising initially and then declining, with the main futures contract down approximately 7.5% year-to-date, CFR prices down about 8.3%, and the average spot price of radiata pine down around 5.3%, showing increasing price linkage between futures and spot markets [1] Market Analysis - According to a senior researcher from CITIC Futures, log futures prices have effectively reflected changes in market supply and demand fundamentals, with a strong correlation to spot prices in key regions [2] - The market has seen clearer basis between futures and spot prices, with the price structure of various futures contracts aligning with market norms [2] Infrastructure and Support - The Dalian Commodity Exchange has established a network of 19 delivery warehouses across six provinces to better meet industry delivery needs and has collaborated with industry associations to promote national standards for log measurement, significantly improving inspection efficiency [2] - Over 400 industry enterprises, including all major importers, have participated in log futures and options trading, indicating growing market engagement [2] Future Outlook - The Dalian Commodity Exchange plans to continue monitoring spot market changes and optimize delivery standards and warehouse distribution to enhance the effectiveness of futures functions [3] - There are intentions to improve inspection quality and efficiency through training and to promote the use of futures standards in international timber trade, while also considering the introduction of foreign traders to enhance the international price influence of log futures [3]

Core Insights - The first year of operation for China's log futures and options has been successful, with steady growth in trading volume and open interest since their listing on November 18 and 19, 2024 [1] - A total of 787 million contracts were traded, amounting to approximately 464 billion yuan, with an average daily trading volume of about 32,400 contracts and an average daily open interest of about 53,400 contracts [1] - The price trends for log futures and spot markets showed an initial increase followed by a decline, with the main futures contract down approximately 7.5% this year [1] Trading Performance - Eight log futures contracts and 164 options contracts were listed, with successful delivery of 1,412 contracts, equivalent to about 127,100 cubic meters of logs, valued at approximately 10.4 million yuan [1] - The futures prices have effectively reflected changes in market supply and demand, maintaining a strong correlation with spot prices in key regions [2] Market Development Initiatives - The Dalian Commodity Exchange (DCE) has implemented various initiatives to support market development, including establishing a network of 19 delivery warehouses across six provinces to meet industry delivery needs [2] - Collaboration with industry associations to promote national standard measurement and the implementation of intelligent inspection standards has significantly improved efficiency [2] - Over 400 industry enterprises, including all major import companies, have engaged in trading log futures and options [2] Future Outlook - The DCE plans to continue monitoring spot market changes and optimize delivery quality standards and pricing structures based on market demand [3] - Efforts will be made to enhance the quality and efficiency of delivery inspections and to promote the use of futures standards in international timber trade [3] - The DCE aims to attract foreign traders and improve the international price influence of log futures, focusing on leading enterprises to foster market development [3]

Group 1 - The futures market is playing a crucial role in injecting new development momentum into the shipping industry, as stated by the Shanghai Futures Exchange's Deputy General Manager Li Hui during the forum on risk management in the shipping industry [1] - The launch of shipping index futures in August 2023 has filled a gap in China's shipping derivatives market, providing effective tools for price risk management for shipping companies [3] - As of April 30, 2025, shipping index futures have recorded a trading volume of approximately 54.45 million contracts, with an average daily trading volume of about 130,000 contracts and a cumulative trading amount of around 4.7 trillion yuan, indicating high market activity [3] Group 2 - The price discovery and risk management functions of shipping index futures are increasingly benefiting the high-quality development of the shipping industry, helping to stabilize market expectations and reflect changes in the shipping spot market [4] - The demand for risk management in the shipping industry is growing, with more foreign trade export companies and freight forwarding companies beginning to use futures for hedging, which helps mitigate operational risks and stabilize profit margins [4] - A private foreign trade company successfully used shipping index futures to hedge against rising shipping costs due to tensions in the Red Sea, demonstrating the effectiveness of futures in managing risks and stabilizing operational profits [4]