【广期所调整多品种期货合约保证金及涨跌停板幅度】12月26日，广期所发布消息。自2025年12月30日 结算时起，多晶硅期货合约涨跌停板幅度维持不变，投机和套期保值交易保证金标准均调整为15%。碳 酸锂期货合约涨跌停板幅度调整为10%，投机交易保证金标准调至12%，套期保值交易保证金标准调至 11%。铂、钯期货合约涨跌停板幅度调整为13%，投机和套期保值交易保证金标准均调整为15%。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Core Viewpoint - The announcement from the Dalian Commodity Exchange regarding adjustments to the margin standards for polysilicon futures contracts indicates a regulatory shift aimed at managing speculative trading and ensuring market stability [1] Group 1: Margin Adjustments - Starting from December 3, 2025, the margin requirement for speculative trading on the polysilicon futures contract 2601 will be set at 13% [1] - The margin requirement for hedging transactions will be adjusted to 12% [1] Group 2: Trading Limits - Non-futures company members or clients will be restricted to a maximum daily opening position of 500 lots on the polysilicon futures PS2601 contract [1] - The daily opening position is defined as the total of buy and sell opening positions on a single contract for that day [1] - There are no restrictions on daily opening positions for hedging and market-making transactions [1] Group 3: Account Management - Accounts with actual control relationships will be managed as a single account for the purpose of these trading limits [1] - In cases where the new margin standards differ from the current standards, the higher of the two will be applied [1]

Core Points - The company has announced adjustments to margin requirements for clients during the National Day holiday period in 2025, specifically from September 26 to October 8, 2025 [1] - The adjustments are made to mitigate market risks associated with external fluctuations during the holiday [1] Margin Adjustments - The company will cancel existing preferential margin rates and revert to standard rates starting from the settlement on September 29, 2025, until the holiday ends [1] - After the holiday, on the first trading day, the preferential margin rates will be restored [1] Specific Margin Rates - Various futures contracts will see changes in margin requirements during the holiday period, with specific percentages outlined for different commodities [1][2] - For example, the margin for apple futures will increase from 13% to 15% during the holiday, while after the holiday, it will return to 13% [1] - Other commodities such as iron ore, coke, and soybeans will also have their margin requirements adjusted accordingly [4][5] Trading Resumption - Trading will resume on October 9, 2025, with specific margin standards and price fluctuation limits reinstated for various contracts [3][4][5] - The adjustments will apply to contracts with the largest open interest that do not experience a limit-up or limit-down situation on the first trading day after the holiday [3][4][5] Risk Management - The company emphasizes the importance of risk management during the holiday period due to the uncertainty in market operations [7] - Investors are advised to adhere to position limits and make necessary adjustments to their holdings [7]

Core Viewpoint - The Dalian Commodity Exchange has decided to adjust the margin level for plywood futures contracts from 40% to 15%, effective from June 9, 2025 [1] Group 1 - The margin adjustment is aimed at increasing trading activity in plywood futures [1] - The new margin level is expected to enhance liquidity in the plywood market [1] - This change reflects the exchange's strategy to attract more participants to the plywood futures market [1]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 30, 2025 [2] Investment Rating - No investment rating information provided in the report. Core View - The Shanghai zinc futures market showed narrow - range adjustments. The main contract closed at 22,550 yuan/ton, up 35 yuan or 0.16%, with reduced volume and positions. Due to macro - risk disturbances during the holiday, it is advisable to hold light positions. Attention should be paid to the adjustment of margin ratios during the Labor Day holiday, with the holiday margin ratio for Shanghai zinc adjusted to 20% and the post - holiday ratio to 14% [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: For SHFE zinc, the 2505 contract opened at 22,800 yuan/ton, closed at 22,790 yuan/ton, with a high of 22,840 yuan/ton, a low of 22,760 yuan/ton, up 15 yuan or 0.07%, and the position decreased by 3,577 to 16,881 lots. The 2506 contract opened at 22,520 yuan/ton, closed at 22,550 yuan/ton, up 35 yuan or 0.16%, and the position decreased by 3,301 to 114,582 lots. The 2507 contract opened at 22,260 yuan/ton, closed at 22,325 yuan/ton, up 60 yuan or 0.27%, and the position increased by 1,185 to 58,409 lots [7]. - **LME Zinc Inventory**: LME zinc inventory decreased by 1,775 tons to 177,550 tons, with all the decrease from Singapore warehouses. The 0 - 3 spread was C35.72, the SHFE - LME ratio was 8.66, and the ratio excluding exchange rate was 1.21. The profit from spot imports narrowed but the window remained open [7]. - **Spot Market**: Some imported zinc ingots entered the market before the holiday, and downstream buyers had basically completed pre - holiday stockpiling. The spot volume was limited, and the premium remained stable. The premium in the Shanghai market for the 05 contract was 150 - 190 yuan/ton, the Tianjin market had a premium of 60 yuan/ton over the Shanghai market, and the Guangdong market had a premium of 455 yuan/ton for the 06 contract, with the Shanghai - Guangdong spread widening [7]. 2. Industry News - **April 29, 2025 Zinc Prices**: The mainstream transaction price of 0 zinc was concentrated between 22,925 - 23,030 yuan/ton, and Shuangyan zinc was traded between 23,125 - 23,190 yuan/ton. The mainstream transaction price of 1 zinc was between 22,855 - 22,960 yuan/ton. In different regions, the premiums and price ranges varied. For example, in the Shanghai market, the premium for ordinary domestic zinc to the 2505 contract was 150 - 190 yuan/ton [8]. - **Regional Price and Premium Details**: In the Ningbo market, the mainstream brand 0 zinc was traded at 22,985 - 23,040 yuan/ton, with a premium of 195 yuan/ton for the 2505 contract and a premium of 30 yuan/ton over the Shanghai spot. In the Guangdong market, the mainstream brand 0 zinc was traded at 22,965 - 23,165 yuan/ton, with a premium of 455 yuan/ton for the 2506 contract and a premium of 60 yuan/ton over the Shanghai spot. In the Tianjin market, the 0 zinc ingot was traded at 23,010 - 23,140 yuan/ton, and the premium over the 2505 contract was 230 - 350 yuan/ton, with the Shanghai - Tianjin spread narrowing [8][9].