Group 1 - The Shanghai Gold Exchange (SGE) announced adjustments to the margin levels and price fluctuation limits for silver deferred contracts, effective from January 30, 2026, increasing the margin from 19% to 20% and the price fluctuation limit from 18% to 19% [1] - The Shanghai Futures Exchange (SHFE) also announced similar adjustments for various futures contracts, including nickel, aluminum oxide, lead, and zinc, with price fluctuation limits and margin levels being modified [3][4] - Specific adjustments include nickel futures' price fluctuation limit set to 11% and margin levels adjusted to 12% for hedged positions and 13% for general positions [3] Group 2 - For aluminum oxide, lead, and zinc futures, the price fluctuation limit is set to 9%, with margin levels adjusted to 10% for hedged positions and 11% for general positions [4] - Other futures such as stainless steel, casting aluminum alloy, rebar, and hot-rolled coil have their price fluctuation limits set to 7%, with corresponding margin levels adjusted to 8% for hedged positions and 9% for general positions [4] - Gold futures (AU2606, AU2608, AU2610, AU2612, AU2702) will have a price fluctuation limit of 16%, with margin levels set to 17% for hedged positions and 18% for general positions [4][5] Group 3 - Silver futures (AG2605, AG2606, AG2607, AG2608, AG2609, AG2610, AG2611, AG2612, AG2701) will also see a price fluctuation limit of 16%, with margin levels adjusted to 17% for hedged positions and 18% for general positions [4][5] - Additionally, the SHFE reported that 12 groups of accounts exceeded trading limits on relevant contracts, leading to regulatory measures against those accounts for violating trading regulations [5]

Core Viewpoint - The announcement from the Shanghai International Energy Exchange indicates that a specific account group has violated trading regulations, leading to regulatory measures being imposed on the account for one month [1] Group 1: Regulatory Actions - On August 25, the Shanghai International Energy Exchange announced that account group B6005957, associated with a client named Cao, exceeded the trading volume limit for the EC 2510 contract for the second time [1] - The trading behavior of this client was found to be in violation of Article 16 of the "Management Rules for Abnormal Trading Behavior" of the Shanghai International Energy Exchange [1] - As a result, the exchange has decided to restrict the client's ability to open new positions in the relevant contract for a period of one month [1]