凛冬将至，中国期货市场迎来一场交易所主导的"压力测试"与"参数预调"，预示着一个波动常态化、风控精细化的新阶段。春节的脚步越来越近，市场却依 然暗流涌动，上海期货交易所（以下简称"上期所"）在2月5日收盘后发布重磅通知，再次拧紧了期货市场的"安全阀"，投资者们面临着更为严苛的资金考 验。 让我们把时间拨回到2026年初，全球大宗商品市场正经历着一轮惊心动魄的"过山车"行情。黄金价格一度逼近历史新高，白银市场更是上演了单日涨跌超过 30%的罕见景象。国内市场，沪铜等有色金属也频频刷新价格纪录。极端的价格波动，如同一把双刃剑，在带来机遇的同时，也使得市场风险急剧积聚，产 业链上的实体企业面临着前所未有的风险管理压力。 东证衍生品研究院的分析认为，适度放宽涨跌停板限制，是交易所市场成熟度提升的表现，有利于发挥期货市场的价格发现功能。 上期所选择在春节长假前夕实施此次调整，其稳定市场、防范长假期间外盘剧烈波动风险的意图不言而喻。顾冯达认为，在海外不确定性高企的关键节点， 这一举措体现了监管层"稳字当头、以我为主"的风控思路，是对防范金融风险、服务实体经济的一贯坚持。 那么，这次调整的核心内容究竟是什么？根据上期所的通 ...

在黄金、白银期货价格经历历史性暴跌，市场波动率大幅攀升的背景下，境内外期货交易所接连出手， 密集出台风控措施，通过上调保证金比例、扩大涨跌停板幅度等方式，防范市场极端风险，维护交易秩 序。 其中，国际市场方面，芝加哥商品交易所集团(CME Group)于当地时间1月30日紧急宣布，将提高旗下 纽约商品交易所(COMEX)黄金、白银、铂金和钯金期货合约的保证金要求，此次调整针对不同风险等 级账户实施差异化上调，且力度显著。具体来看，非高风险级账户中，黄金期货保证金比例从6%上调 至8%，白银期货保证金比例从11%大幅提至15%；高风险级账户的上调幅度同步放大，黄金期货从 6.6%升至8.8%，白银期货从12.1%上调至16.5%，铂金、钯金期货合约保证金要求也同步跟进上调。 CME Group表示，此举是应对市场极端波动、确保抵押品足以覆盖潜在风险的常规风控操作，所有调整 将于下周一收盘后正式生效。 国内市场也迅速跟进，上金所同步出台针对性风控举措。2026年1月30日，上海期货交易所发布正式通 知，对白银期货相关合约的涨跌停板幅度及交易保证金比例进行调整，以适配市场波动情况。通知明 确，自2026年2月3日( ...

（央视财经《天下财经》）近期，贵金属期货价格剧烈波动。为确保市场正常交易，全球主要期货交易所持续加码风控措施，通过提高交易保证金比例等方 式为市场投机情绪降温。 美国芝商所集团于当地时间1月30日发布公告，宣布上调多个贵金属期货保证金比例。黄金方面，非高风险账户的保证金将从合约名义价值的6%提高至 8%，而高风险账户的保证金则从6.6%上调至8.8%。白银方面，非高风险账户的保证金将从合约名义价值的11%提高至15%，而高风险账户的保证金则从 12.1%提高至16.5%。此外，铂金和钯金期货的保证金比例也有所上调。 此次保证金调整将于当地时间下周一，即2月2日收盘后正式生效。芝商所集团表 示，此举基于对市场波动的定期评估，旨在确保保证金能够充分覆盖交易风险。 此外，上海期货交易所也于1月30日宣布，自2月3日收盘结算时起，上调白银期货相关合约涨跌停板幅度和保证金比例。涨跌停板幅度从16%调整为17%， 套保持仓交易保证金比例从17%调整为18%，一般持仓交易保证金比例从18%调整为19%。 此前，黄金期货相关合约套保持仓交易保证金比例已从16%上调 至17%，一般持仓交易保证金比例从17%上调至18%，这一调 ...

1月26日，上海期货交易所（下称"上期所"）连续发布公告，针对贵金属、有色金属市场出台了多项风 控措施。 当日中午，上期所公告称，发现3组16名客户在锡、白银期货品种交易中涉嫌未申报实际控制关系，根 据相关规定决定对上述客户在锡、白银期货品种上采取限制开仓1个月以及限制出金的监管措施。 中信建投期货首席分析师王彦青表示，上期所较少在午间发布监管公告，此举不仅凸显了交易所在日常 监控中的高度警觉，也清晰传递了对违法违规行为"零容忍"的鲜明立场。 近期，上期所已多次针对有色与贵金属品种采取包括交易限额、保证金调整及实控账户核查在内的风控 与监管措施，并及时公开通报，充分彰显了坚决维护市场公平、公正和交易秩序的决心。当前，贵金属 与有色金属市场情绪氛围浓厚、波动显著加大，交易风险也明显增加。 当天收盘之后，上期所再发两则通知：一是调整白银、锡期货相关合约交易限额；二是调整铜等期货相 关合约涨跌停板幅度和交易保证金比例。 国信期货首席分析师顾冯达指出，近日贵金属及有色金属市场情绪高涨，价格持续快速飙升，多个品种 创出历史新高，市场交易活跃度显著提升。在行情如火如荼的同时，市场参与者更应保持一份冷静与理 性，警惕其中蕴 ...

1月26日，上海期货交易所(以下简称"上期所")再次调整白银、锡和铜等期货品种相关合约交易限额、保证金比例和涨跌停板幅度，且对部分客户采取限 制开仓等监管措施。 锡期货SN2602、SN2603、SN2604、SN2605、SN2606、SN2607、SN2608、SN2609、SN2610、SN2611、SN2612、SN2701合约的日内开仓交易的最大数 量为200手。 实际控制关系账户组日内开仓交易的最大数量按照单个客户执行。套期保值交易和做市交易的开仓数量不受此限制。 值得注意的是，这已是去年12月以来，上期所连续第四次收紧白银期货交易限额。此前最新一次交易限额收紧是在今年1月16日，根据当天通知，白银期 货AG2602、AG2603、AG2604、AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、AG2612、AG2701合约的日内开仓交易的最大数 量为3000手。 1月26日，沪银日内最高冲至28226元/千克，涨幅一度超14%，再创历史新高。截至1月26日收盘，沪银主力合约涨12.78%。 铜、铝期货提保、扩板 1月26日，上期所还调整了铜等期货相 ...

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has made significant adjustments to margin ratios and price limits for gold, silver, and other futures contracts in response to the extreme volatility in global commodity prices, particularly in early 2026 [2][3]. Group 1: Adjustments and Rationale - On January 22, 2026, SHFE adjusted the margin ratios and price limits for various futures contracts, which was seen as a quick response to the action plan released by Shanghai to enhance the linkage between spot and futures markets for non-ferrous metals [2][5]. - The adjustments aim to increase market liquidity and improve price discovery efficiency while strengthening risk management measures [3][5]. - The volatility in commodity prices has intensified, particularly for precious metals and some non-ferrous metals, leading to increased risk management pressures for market participants, especially those in the physical industry [3][10]. Group 2: Specific Changes in Margin and Price Limits - For gold futures contracts nearing delivery, the price limit was expanded to 16%, with margin ratios raised to 17% for hedging and 18% for speculative trading [5]. - Silver futures saw even larger adjustments, with price limits increased to 17% and margin ratios set at 18% for hedging and 19% for speculation [5]. - Non-ferrous metals like copper and aluminum had their price limits unified at 8%, with margin ratios adjusted to 9% for hedging and 10% for speculation [6]. Group 3: Market Implications and Future Outlook - The adjustments are viewed as a necessary measure to prevent extreme market conditions and ensure liquidity, especially for entities holding significant positions [11][12]. - The changes reflect a more mature market, allowing for greater price fluctuations to better reflect supply and demand dynamics [6][12]. - Future risk management may involve more dynamic and differentiated approaches, potentially including complex margin models that consider volatility and correlation [14][17]. Group 4: Industry Response and Innovations - Companies are evolving their risk management strategies, seeking more sophisticated tools beyond traditional futures hedging, such as options and customized risk management solutions [16]. - The Shanghai Clearing House is expanding its services to enhance transparency and reduce counterparty credit risk in the over-the-counter market [16]. - There is a growing expectation for the development of supply chain financial products that leverage the authoritative pricing and standardized warehouse receipt systems of the Shanghai futures market [16].

市场认为，此次碳酸锂期货涨跌停板幅度由9%调至11%，投机交易保证金由11%调至13%、套保交易保 证金由10%调至12%，本质上是交易所在当前价格波动较大背景下，对合约风险参数进行的"顺周期校 准"。 ◎李子健 记者 周亮 广州期货交易所发布通知，自1月21日结算时起，碳酸锂期货合约涨跌停板幅度调整为11%，投机交易 保证金标准调整为13%，套期保值交易保证金标准调整为12%。 上海证券报记者注意到，此前，广期所已针对碳酸锂期货出台系列风控措施，包括提高交易手续费标 准、降低交易限额、提高每次最小开仓下单数量等，旨在提高交易成本、限制日内开仓最大数量、增加 交易客户抗风险能力，以抑制市场热度、促进市场形成理性交易氛围。 1月20日，广期所相关负责人就碳酸锂期货合约相关调整回应上海证券报记者称，近期影响碳酸锂期货 运行的不确定性因素较多，碳酸锂价格波动有所增大，市场关注度较高。广期所始终坚持贯彻落实防风 险、强监管、促高质量发展工作要求，及时采取风控措施，确保市场平稳运行。 当前，碳酸锂期、现货价格同步快速上涨，期货市场波动偏大、多空博弈较激烈。在期、现货价格同步 波动的情况下，产业客户积极参与套期保值、对冲 ...

Core Viewpoint - The Dalian Commodity Exchange has announced adjustments to lithium carbonate futures contracts, including an increase in the price fluctuation limit to 11% and changes in margin requirements, aimed at enhancing market stability and managing risks amid increased price volatility [1][2]. Group 1: Market Adjustments - Starting from January 21, 2026, the fluctuation limit for lithium carbonate futures will be adjusted to 11%, with speculative trading margin raised to 13% and hedging margin to 12% [1]. - Prior to this, the exchange implemented several risk control measures, such as increasing trading fees and reducing trading limits, to curb excessive speculation and promote rational trading [1]. Group 2: Price Trends and Market Dynamics - Since the beginning of the year, the main contract for lithium carbonate futures rose from 121,580 yuan/ton to a peak of 174,060 yuan/ton on January 13, followed by a decline over four consecutive trading days [2]. - On January 20, the main contract closed at 160,500 yuan/ton, reflecting an increase of 8.99% [2]. - The adjustments in trading parameters are seen as a "pro-cyclical calibration" to manage risks amid significant price fluctuations [2]. Group 3: Supply and Demand Factors - The recent volatility in lithium carbonate futures is characterized by a mismatch in supply and demand, driven by factors such as reduced export tax rebates and expectations of future cancellations, leading to a surge in short-term demand [3]. - Low inventory levels and production adjustments from various lithium producers have contributed to price fluctuations within the emotional pricing range of 150,000 to 170,000 yuan [3]. Group 4: Regulatory Measures - The Dalian Commodity Exchange will closely monitor the lithium carbonate futures and spot markets, implementing targeted risk control measures as necessary to ensure effective market functionality [3]. - The exchange emphasizes strict regulatory oversight to maintain normal market order and promptly address any violations [3].

Core Viewpoint - The Dalian Commodity Exchange has announced adjustments to lithium carbonate futures contracts, including an increase in the price fluctuation limit to 11% and changes in margin requirements, aimed at stabilizing the market amid increased volatility and speculation [1][2]. Group 1: Market Adjustments - Starting from January 21, 2026, the fluctuation limit for lithium carbonate futures contracts will be adjusted to 11%, with speculative trading margin raised to 13% and hedging margin to 12% [1]. - The exchange has previously implemented a series of risk control measures, including increasing trading fees and lowering trading limits, to enhance trading costs and limit the maximum number of positions opened daily [1][2]. Group 2: Market Conditions - The price of lithium carbonate futures has seen significant fluctuations, rising from 121,580 yuan/ton to a peak of 174,060 yuan/ton by January 13, followed by a decline over four trading days [2]. - As of January 20, the main contract closed at 160,500 yuan/ton, reflecting an increase of 8.99% [2]. Group 3: Supply and Demand Dynamics - The recent volatility in lithium carbonate futures is characterized by a mismatch in supply and demand, driven by factors such as reduced export tax rebates and expectations of future cancellations, leading to a surge in short-term demand [3]. - Low inventory levels and production adjustments at various lithium processing facilities have contributed to price fluctuations within the emotional pricing range of 150,000 to 170,000 yuan [3]. Group 4: Regulatory Measures - The Dalian Commodity Exchange will closely monitor the lithium carbonate futures and spot markets, enhancing predictive measures and implementing targeted risk control as necessary [3]. - The exchange emphasizes strict regulatory oversight to maintain market order and promptly address any violations [3].

1月19日，广期所发布通知，经研究决定，自2026年1月21日结算时起，碳酸锂期货合约涨跌停板幅度调 整为11%，投机交易保证金标准调整为13%，套期保值交易保证金标准调整为12%。 上证报记者注意到，在此之前，广期所已针对碳酸锂期货出台系列风控措施，包括提高交易手续费标 准、降低交易限额、提高每次最小开仓下单数量等，旨在提高交易成本、限制日内开仓最大数量、增加 交易客户抗风险能力，以抑制市场热度、促进市场形成理性交易氛围。 1月20日，广期所相关负责人就碳酸锂期货合约相关调整回应记者表示，近期影响碳酸锂期货运行的不 确定性因素较多，碳酸锂价格波动有所增大，市场关注度较高。广期所始终坚持贯彻落实防风险、强监 管、促高质量发展工作要求，及时采取风控措施，确保市场平稳运行。 当前，碳酸锂期、现货价格同步快速上涨，期货市场波动偏大、多空博弈较激烈。在期、现货价格同步 波动的情况下，产业客户积极参与套期保值、对冲价格波动风险。 广期所相关人士表示，后续，广期所将密切跟踪碳酸锂期、现货市场情况，加强预研预判，并根据市场 情况采取针对性风控措施，保障期货市场功能有效发挥。同时坚持监管"长牙带刺"、有棱有角，切实履 行市场 ...