Core Viewpoint - The Shanghai Futures Exchange and Shanghai Gold Exchange have announced adjustments to margin ratios and price limits for various futures contracts, as well as work arrangements for the 2026 Spring Festival period to mitigate market risks during this time [1][7][14]. Group 1: Margin Ratio and Price Limit Adjustments - The margin ratios and price limits for newly listed futures contracts such as copper, aluminum, lead, and zinc have been adjusted, with price limits set at 10% and margin ratios at 11% for hedged positions and 12% for general positions [4]. - For contracts like nickel and tin, the price limit is set at 12% with margin ratios of 13% for hedged positions and 14% for general positions [4]. - Gold contracts have a price limit of 17% and margin ratios of 18% for hedged positions and 19% for general positions, while silver contracts have a price limit of 20% and margin ratios of 21% for hedged positions and 22% for general positions [4]. - Other contracts, including rebar and hot-rolled coils, have a price limit of 7% and margin ratios of 8% for hedged positions and 9% for general positions [4]. Group 2: Spring Festival Work Arrangements - The Shanghai Futures Exchange will not conduct night trading on February 13, 2026, and will be closed from February 14 to February 23, 2026, resuming trading on February 24, 2026 [8][14]. - On February 24, 2026, all futures and options contracts will undergo a collective auction from 08:55 to 09:00, followed by the resumption of night trading [9]. Group 3: Risk Control Measures - The Shanghai Gold Exchange has implemented measures to adjust margin ratios and price limits for gold and silver contracts to prevent price fluctuations during the Spring Festival [16]. - Starting from the close on February 11, 2026, the margin ratio for gold contracts will increase from 18% to 21%, and the price limit will rise from 17% to 20% [16]. - For silver contracts, the margin ratio will increase from 24% to 27%, with the price limit changing from 23% to 26% [16].

两大交易所再次出手调整！ 上期所再次调整 镍NI2702、锡SN2702合约的涨跌停板幅度调整为12%，套保持仓交易保证金比例调整为13%，一般持仓交易保证金比例调整为14%； 2月9日，上海期货交易所（以下简称上期所）发布关于调整铜等期货新上市合约交易保证金比例和涨跌停板幅度的通知。 黄金AU2605合约的涨跌停板幅度调整为17%，套保持仓交易保证金比例调整为18%，一般持仓交易保证金比例调整为19%； 白银AG2702合约的涨跌停板幅度调整为20%，套保持仓交易保证金比例调整为21%，一般持仓交易保证金比例调整为22%； 螺纹钢RB2702、热轧卷板HC2702、纸浆SP2702、胶版印刷纸OP2702合约的涨跌停板幅度调整为7%，套保持仓交易保证金比例调整为8%，一般持仓交易 保证金比例调整为9%； 燃料油FU2703、石油沥青BU2702、丁二烯橡胶BR2702合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为10%，一般持仓交易保证金比例 调整为11%。 如遇《上海期货交易所风险控制管理办法》第十三条规定情况，则在上述涨跌停板幅度、交易保证金比例基础上调整。 经研究决定，下述合约上市时起，涨 ...

经历史诗级暴跌后，金银价格周二大反攻。行情动荡之际，交易所再出手。 2月3日，上海期货交易所（以下简称"上期所"）连续发布多条通知，对相关品种的期货相关合约涨跌停板幅度和交易保证金比例进行调整。 黄金方面，自2026年2月4日（星期三）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等合约的保证 金比例从16%调整为17%，下一交易日起涨跌幅度限制从15%调整为16%；CAu99.99合约保证金每手120000元调整至每手150000元。 | | | INTERNATIONAL BUSINESS | | 请输入关键字,搜栏目 / 行情资讯 / 公告 / 规则 | O | | --- | --- | --- | --- | --- | --- | | 首页 | 关于上金所 新闻中心 | 产品服务 数据资讯 | 会员专区 | 投资者服务 | 制度与规则 | | 交易所介绍 | > | 关于调整黄金部分合约保证金水平和涨跌停板的通知 | | | | | 公告 | > | 来源: 时间:2026-02-03 | | | | | ▶ 交易所公告 | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 受到从上周五开始的国际市场贵金属暴跌的影响，北京时间今天（2月2日）上午，国内贵金属期货也集 体暴跌，其中沪银期货盘中暴跌17%。 国内多个金属期货暴跌 沪银期货重挫17% 受到国际市场贵金属暴跌的影响，北京时间2月2日上午，国内多个贵金属期货品种出现暴跌走势。 其中，沪银期货主力合约盘中封住跌停，报24832元/千克，盘中跌幅高达17%。 沪金期货主力合约盘中跌幅一度超过15%，盘中一度逼近1000元/克关口。相较之下，就在上周五，该 合约最高价还一度超过1250元/克。 除了上述贵金属期货外，国内期货市场上多个其他金属期货品种也大跌。比如沪锡期货主力合约盘中暴 跌11%，沪铜期货主力合约盘中跌幅一度超过8%，沪镍期货主力合约盘中跌幅也一度超过8%，沪铝期 货主力合约盘中跌幅一度超过6%。 上海黄金交易所黄金价格亦重挫 北京时间2月2日上午，上海黄金交易所Au99.99黄金合约价格也重挫，盘中跌幅一度接近12%，截至发 稿，最低一度至1025元/克。 另外，上海黄金交易所2月2日发布《关于调整白银延期合约保证金水平和涨跌停板的通知》。 ...

Core Viewpoint - The recent decline in various metal futures, including nickel and silver, indicates a potential market correction following a period of significant price increases, prompting regulatory bodies to implement risk control measures [1][3][9]. Group 1: Market Performance - As of January 8, the Shanghai nickel 2602 contract fell by 6.14%, following a previous day where it hit the upper limit [1]. - Other futures, including Shanghai silver, international copper, and aluminum, also experienced declines of over 2% [1]. - The recent trading data shows significant drops in various contracts, with the multi-chang silicon 2605 contract down by 9% and the shipping index (European line) 2602 down by nearly 9% as well [2]. Group 2: Regulatory Actions - The Shanghai Futures Exchange (SHFE) issued a notification emphasizing the need for market risk control due to the volatile international situation and significant price fluctuations in metal futures [3][4]. - Starting January 9, the trading margin for silver futures will increase to 17% for hedging positions and 18% for general positions, with the price fluctuation limit raised to 16% [4][6]. - Additionally, the daily trading limit for non-futures company members and certain foreign participants in silver futures will be capped at 7,000 contracts [6][7]. Group 3: Market Sentiment and Analysis - Analysts suggest that the recent regulatory measures reflect a consensus on the market's overheating and the need for caution among investors [9][10]. - Despite the long-term bullish outlook for precious metals, the current market dynamics indicate increased volatility and risk, necessitating careful position management [10][11]. - Concerns over geopolitical tensions and their impact on copper supply have emerged, with the U.S. including copper in its critical mineral list, raising fears of supply disruptions [11][12].

Core Viewpoint - The non-ferrous and precious metals sector is showing significant signs of correction, with various futures contracts experiencing notable declines [1][3]. Group 1: Market Performance - As of January 8, the Shanghai nickel 2602 contract fell by 6.14%, having previously hit the upper limit in the prior trading session [1]. - Other futures contracts, including Shanghai silver, international copper, Shanghai aluminum, and others, also saw declines exceeding 2% [1]. - The market's downturn reflects a consensus on the overheating of the market and regulatory attitudes [11]. Group 2: Risk Management Measures - The Shanghai Futures Exchange (SHFE) issued a notification regarding market risk control, urging relevant parties to take measures to mitigate risks and maintain market stability [4]. - The SHFE announced an increase in the trading margin and price fluctuation limits for silver futures, effective from January 9, raising the fluctuation limit to 16% and the margin for hedging positions to 17% [5][6]. - Additionally, the daily opening position limit for non-futures company members and special overseas non-broker participants in silver futures was set to 7,000 lots [7]. Group 3: Analyst Insights - Analysts suggest that despite the long-term support for precious metals, the current market dynamics indicate increased volatility and risk, necessitating cautious investment strategies [12]. - Concerns over supply disruptions in tin due to geopolitical factors and production cuts in Indonesia have contributed to price increases, with tin reaching a high of 360,000 since March 2022 [12]. - The geopolitical landscape, particularly regarding copper supply, remains a concern, with the U.S. including copper in its critical mineral list, potentially affecting global supply dynamics [13].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has implemented multiple risk control measures for silver futures trading in response to recent market volatility and to curb speculative trading behavior [1][3][10]. Group 1: Risk Control Measures - SHFE has announced adjustments to trading limits, margin requirements, and price fluctuation limits for silver futures contracts, effective from January 9, 2026 [5][7]. - The maximum number of contracts for day trading by non-futures company members and special overseas participants is set at 7,000 contracts [5]. - The price fluctuation limit for silver futures contracts AG2601, AG2602, AG2603, and AG2604 has been adjusted to 16%, with margin requirements for hedging set at 17% and for general positions at 18% [7][9]. Group 2: Market Context - The SHFE's actions are part of a broader strategy to manage speculative funds in the precious metals market, which has seen significant price increases and volatility since December [10]. - As of January 7, silver futures prices fell to $77.613 per ounce, a decrease of 4.23%, while gold futures prices were reported at $4,462.50 per ounce, down 0.75% [10].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has issued multiple announcements regarding risk warnings and adjustments to trading limits for silver futures due to recent volatility in the international market [1][2]. Group 1: Trading Limit Adjustments - Starting from January 9, 2026, the maximum number of contracts for day trading in silver futures for non-futures company members and certain foreign participants is set at 7,000 contracts per day [4]. - Hedging and market-making transactions are exempt from this limit [4]. Group 2: Margin and Price Limit Adjustments - Effective from the close of trading on January 9, 2026, the price limit for silver futures contracts AG2601, AG2602, AG2603, and AG2604 is adjusted to 16%, with margin requirements set at 17% for hedging positions and 18% for general positions [6]. Group 3: Transaction Fee Changes - From January 9, 2026, the transaction fee for day trading the silver futures contract AG2604 is adjusted to 0.25% of the transaction amount, while the fee for tin futures contract SN2602 is set at 15 yuan per contract [9]. Group 4: Regulatory Measures - On January 7, 2026, the SHFE announced regulatory measures against certain clients whose trading volumes exceeded limits, resulting in restrictions on their opening positions [11]. - In December 2025, the SHFE processed 73 cases of abnormal trading behavior, including 43 cases of excessive self-dealing and 28 cases of frequent order cancellations [11].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has issued multiple announcements regarding risk warnings and adjustments to trading limits due to recent volatility in metal prices, urging investors to take precautionary measures and maintain market stability [2][3]. Group 1: Trading Limit Adjustments - The SHFE has announced a new daily opening trading limit for silver futures contracts, effective from January 9, 2026, limiting non-futures company members and certain foreign participants to a maximum of 7,000 contracts for intraday trading [5]. - Hedging and market-making transactions are exempt from this new limit [5]. Group 2: Margin and Price Fluctuation Adjustments - Starting from the settlement on January 9, 2026, the margin requirements and price fluctuation limits for silver futures contracts (AG2601, AG2602, AG2603, AG2604) will be adjusted to 16% for price fluctuation limits, 17% for hedging margin, and 18% for general margin [7]. - Adjustments may occur based on specific conditions outlined in the SHFE's risk control management regulations [7]. Group 3: Transaction Fee Changes - Effective from January 9, 2026, the transaction fee for intraday closing trades of the silver futures contract (AG2604) will be set at 0.25% of the transaction amount, while the fee for tin futures (SN2602) will be adjusted to 15 yuan per contract [9]. Group 4: Regulatory Measures - The SHFE has implemented restrictions on certain clients due to excessive intraday trading volumes, marking the first instance of such action against a group of related accounts [11]. - In December 2025, the SHFE reported 73 cases of abnormal trading behavior, including 43 instances of excessive self-trading and 28 cases of frequent order cancellations [11].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has issued multiple announcements regarding risk warnings and adjustments to trading limits due to recent volatility in metal prices, particularly silver [1][2]. Group 1: Trading Limit Adjustments - The SHFE has set a maximum daily opening position limit of 7,000 contracts for non-futures company members and special overseas non-broker participants in silver futures starting from January 9, 2026 [4]. - Hedging and market-making transactions are exempt from this limit [4]. Group 2: Margin and Price Limit Adjustments - Starting from the close of trading on January 9, 2026, the price limit for silver futures contracts AG2601, AG2602, AG2603, and AG2604 will be adjusted to 16%, with margin requirements set at 17% for hedging positions and 18% for general positions [6]. - Adjustments to margin and price limits will be made according to the SHFE's risk control management regulations [6]. Group 3: Transaction Fee Changes - Effective January 9, 2026, the transaction fee for day trading of the silver futures AG2604 contract will be adjusted to 0.25% of the transaction amount, while the fee for tin futures SN2602 will be set at 15 yuan per contract [8]. Group 4: Regulatory Measures - The SHFE has implemented restrictions on opening positions for certain clients due to excessive trading volumes, marking the first instance of such action for a specific account group [10]. - In December 2025, the SHFE reported 73 cases of abnormal trading behavior, including 43 instances of excessive self-trading and 28 cases of frequent order cancellations [10]. - The exchange has identified 262 groups of 721 clients for actual control relationship recognition and has conducted compliance checks on 91 groups of 247 clients [10]. Group 5: Market Performance - The spot silver price has decreased to $77.44 per ounce after previously surpassing $80 per ounce, reflecting a daily drop of 4.69% [10].