Core Viewpoint - The Guangzhou Futures Exchange (GFEX) announced adjustments to the price limit and margin standards for various futures contracts around the 2026 Spring Festival, effective from February 12, 2026, and will revert to previous levels after the holiday period [1]. Group 1: Adjustments Before and After the Holiday - The price limit for industrial silicon futures will be adjusted to 11%, with speculative margin set at 13% and hedging margin at 12% [1]. - The price limit for polysilicon futures will be adjusted to 12%, while both speculative and hedging margins will remain unchanged [1]. - The price limit for lithium carbonate futures will be adjusted to 15%, with speculative margin at 17% and hedging margin at 16% [1]. - The price limit for platinum and palladium futures will be adjusted to 24%, with both speculative and hedging margins set at 26% [1]. Group 2: Post-Holiday Adjustments - After the holiday, on the first trading day without a price limit on the largest contracts, the price limits and margin standards for industrial silicon, polysilicon, platinum, and palladium will revert to pre-adjustment levels [1]. - The price limit for lithium carbonate futures will be adjusted to 13%, with speculative margin at 15% and hedging margin at 14% [1][2]. Group 3: Execution Standards - GFEX stated that if the adjusted price limits and margin standards differ from the current ones, the higher of the two will be enforced [3].

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the price limits and margin ratios for nickel, alumina, lead, zinc, and stainless steel futures contracts, effective from January 27, 2026, to enhance market regulation and prevent systemic risks [1][2][4]. Summary by Category Price Limit Adjustments - Nickel futures price limit will be adjusted to 10%, with a hedging margin ratio of 11% and a general margin ratio of 12% [1][2]. - Alumina, lead, and zinc futures price limits will be set at 8%, with a hedging margin ratio of 9% and a general margin ratio of 10% [1][2]. - Stainless steel futures price limit will be adjusted to 6%, with a hedging margin ratio of 7% and a general margin ratio of 8% [1][2]. Margin Ratio Adjustments - The margin ratios for nickel futures will be 11% for hedging and 12% for general positions [1][2]. - For alumina, lead, and zinc futures, the ratios will be 9% for hedging and 10% for general positions [1][2]. - Stainless steel futures will have a hedging margin ratio of 7% and a general margin ratio of 8% [1][2]. Market Context - The adjustments are a response to heightened volatility in international metal prices and are aimed at regulating market speculation, especially during the sensitive period leading up to the Chinese New Year [1][4]. - Factors such as international geopolitical tensions, uncertainty in major economies' monetary policies, and competition over key minerals have contributed to rising prices of various commodities, particularly strategic resources [1][4].