Group 1 - The Shanghai Futures Exchange announced the trading arrangements for the Spring Festival in 2026, including a market closure from February 14 to February 23, with night trading resuming on February 24 [2] - The margin ratios and price fluctuation limits for various futures contracts will be adjusted starting from the market close on February 12, 2026, with specific percentages outlined for different commodities [2] - The price fluctuation limits and margin ratios will revert to their original levels after the first trading day without a one-sided market following February 24, 2026 [3] Group 2 - Specific adjustments include a 13% price fluctuation limit for copper, aluminum, zinc, and lead futures, with varying margin ratios for hedging and general positions [2] - Nickel and tin futures will have a 15% price fluctuation limit, with higher margin requirements for different types of positions [2] - Gold and silver futures will see significant adjustments, with price fluctuation limits set at 20% and 25% respectively, along with corresponding margin ratio changes [2]

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the trading rules for fuel oil, asphalt, and crude oil futures contracts, effective from December 9, 2025, which includes changes to price fluctuation limits and margin requirements [1] Group 1: Trading Rules Adjustments - The price fluctuation limit for fuel oil and asphalt futures contracts will be adjusted to 7% [1] - The margin requirement for hedging positions will be set at 8% [1] - The margin requirement for general positions will be set at 9% [1] Group 2: Related Contracts - The price fluctuation limit for crude oil and low-sulfur fuel oil futures contracts will also be adjusted to 7% [1] - The margin requirement for hedging positions in these contracts will be 8% [1] - The margin requirement for general positions in these contracts will be 9% [1]