Core Viewpoint - The announcement from the Shanghai Futures Exchange on February 9 indicates adjustments to margin ratios and price fluctuation limits for newly listed futures contracts, reflecting a response to market conditions [1] Group 1: Margin Ratio Adjustments - The margin ratio for the crude oil 2903 contract has been set at 10% for hedging positions and 11% for general positions [1] - The margin ratio for the low-sulfur fuel oil 2703 contract is also adjusted to 10% for hedging and 11% for general positions [1] - The margin ratio for the 20 rubber 2702 contract follows the same adjustments as the previous two, with 10% for hedging and 11% for general positions [1] Group 2: Price Fluctuation Limits - The price fluctuation limit for the crude oil 2903 contract is adjusted to 9% [1] - The price fluctuation limit for the low-sulfur fuel oil 2703 contract is similarly set at 9% [1] - The price fluctuation limit for the international copper 2702 contract has been adjusted to 10% [1]

Group 1 - The Shanghai Futures Exchange announced adjustments to the price fluctuation limits and trading margin ratios for various contracts, effective from February 9 [2][3] - For copper, aluminum, lead, zinc, and alumina contracts, the price fluctuation limit is set at 10%, with margin ratios of 11% for hedging positions and 12% for general positions [2] - The fluctuation limit for aluminum alloy, wire rod, and stainless steel contracts is adjusted to 8%, with margin ratios of 9% for hedging and 10% for general positions [2] - Nickel and tin contracts have a fluctuation limit of 12%, with margin ratios of 13% for hedging and 14% for general positions [2] - Gold contracts have a fluctuation limit of 17%, with margin ratios of 18% for hedging and 19% for general positions, while silver contracts have a limit of 20% and margin ratios of 21% for hedging and 22% for general positions [2] Group 2 - The fluctuation limit for rebar, hot-rolled coil, pulp, and coated paper contracts is set at 7%, with margin ratios of 8% for hedging and 9% for general positions [3] - Fuel oil, petroleum asphalt, and butadiene rubber contracts have a fluctuation limit of 9%, with margin ratios of 10% for hedging and 11% for general positions [3] - Adjustments to the fluctuation limits and margin ratios may occur based on the provisions of the Shanghai Futures Exchange Risk Control Management Measures [3]

Group 1 - The Shanghai International Energy Exchange announced adjustments to the margin ratios and price fluctuation limits for newly listed futures contracts including crude oil and low-sulfur fuel oil [2] - The price fluctuation limit for crude oil SC2903, low-sulfur fuel oil LU2703, and NR2702 contracts is set at 9%, with margin ratios adjusted to 10% for hedging positions and 11% for general positions [2] - The price fluctuation limit for international copper BC2702 contracts is set at 10%, with margin ratios adjusted to 11% for hedging positions and 12% for general positions [2] Group 2 - The adjustments are in accordance with the risk control management rules of the Shanghai International Energy Exchange, specifically Article 16, which allows for further adjustments under certain conditions [2] - Other matters regarding price fluctuation limits and trading margins will follow the relevant business rules of the Shanghai International Energy Exchange [2]

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to margin requirements and price fluctuation limits for various futures contracts, effective from January 22, 2026, indicating a regulatory response to market conditions [1]. Group 1: Copper and Aluminum Futures - The price fluctuation limit for copper futures contracts has been adjusted to 8% [1] - The margin requirement for hedged positions in copper futures is set at 9%, while the general margin requirement is 10% [1] - The price fluctuation limit for aluminum futures contracts has also been adjusted to 8% [1] - The margin requirement for hedged positions in aluminum futures is 9%, with a general margin requirement of 10% [1] Group 2: Gold Futures - For gold futures contracts AU2602, AU2603, and AU2604, the price fluctuation limit is set at 16% [1] - The margin requirement for hedged positions in these gold futures is 17%, while the general margin requirement is 18% [1] - For gold futures contracts AU2606, AU2608, AU2610, AU2612, and AU2702, the price fluctuation limit is adjusted to 15% [1] - The margin requirement for hedged positions in these contracts is 16%, with a general margin requirement of 17% [1] Group 3: Silver Futures - The price fluctuation limit for silver futures contracts AG2602, AG2603, and AG2604 is set at 17% [1] - The margin requirement for hedged positions in these silver futures is 18%, while the general margin requirement is 19% [1] - For silver futures contracts AG2605 through AG2612 and AG2701, the price fluctuation limit is adjusted to 15% [1] - The margin requirement for hedged positions in these contracts is 16%, with a general margin requirement of 17% [1] Group 4: Risk Management - Adjustments to margin requirements and price fluctuation limits may be further modified in accordance with the Shanghai Futures Exchange's risk control management regulations [2]

Core Viewpoint - The Guangxi Futures Exchange has announced adjustments to margin requirements and price fluctuation limits for various futures contracts, effective from December 30, 2025 [1] Group 1: Margin Adjustments - The margin requirement for both speculative and hedging transactions for polysilicon futures contracts is set to be 15% [1] - The margin for speculative trading of lithium carbonate futures is adjusted to 12%, while the hedging margin is set at 11% [1] - Platinum and palladium futures contracts will maintain a margin requirement of 15% for both speculative and hedging transactions [1] Group 2: Price Fluctuation Limits - The price fluctuation limit for polysilicon futures contracts will remain unchanged [1] - The price fluctuation limit for lithium carbonate futures contracts is adjusted to 10% [1] - The price fluctuation limit for platinum and palladium futures contracts is set at 13% [1]

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the trading rules for fuel oil, asphalt, and crude oil futures contracts, effective from December 9, 2025, which includes changes to price fluctuation limits and margin requirements [1] Group 1: Trading Rules Adjustments - The price fluctuation limit for fuel oil and asphalt futures contracts will be adjusted to 7% [1] - The margin requirement for hedging positions will be set at 8% [1] - The margin requirement for general positions will be set at 9% [1] Group 2: Related Contracts - The price fluctuation limit for crude oil and low-sulfur fuel oil futures contracts will also be adjusted to 7% [1] - The margin requirement for hedging positions in these contracts will be 8% [1] - The margin requirement for general positions in these contracts will be 9% [1]

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the margin ratios and price fluctuation limits for nickel and other futures contracts, effective from October 14, 2025 [2] Group 1: Margin Ratio Adjustments - The margin ratio for nickel and tin futures contracts will be adjusted to 9% for hedging positions and 10% for general positions [2] - The margin ratio for butadiene rubber and natural rubber futures contracts will be set at 8% for hedging positions and 9% for general positions [2] Group 2: Price Fluctuation Limits - The price fluctuation limit for nickel and tin futures contracts will be adjusted to 8% [2] - The price fluctuation limit for butadiene rubber and natural rubber futures contracts will be set at 7% [2] Group 3: Risk Management Provisions - Adjustments to the margin ratios and price fluctuation limits may occur based on the provisions outlined in Article 13 of the Shanghai Futures Exchange Risk Control Management Measures [2] - Other matters related to margin trading and price fluctuation limits will be executed according to the Shanghai Futures Exchange Risk Control Management Measures [2]

Core Points - The Shanghai Futures Exchange announced adjustments to margin requirements and price limits for certain futures contracts effective from October 14, 2025 [1] Group 1: Margin Requirements and Price Limits - Nickel and tin futures contracts will have their price limit adjusted to 8%, with the margin requirement for hedging positions set at 9% and for general positions at 10% [1] - Butadiene rubber and natural rubber futures contracts will see their price limit adjusted to 7%, with the margin requirement for hedging positions set at 8% and for general positions at 9% [1] - Adjustments may occur based on the risk management regulations of the Shanghai Futures Exchange if specific conditions are met [1]

Group 1 - The Shanghai International Energy Exchange announced the trading schedule for the National Day and Mid-Autumn Festival in 2025, indicating no night trading on September 30, 2025, and a market closure from October 1 to October 8, 2025, with trading resuming on October 9, 2025 [1] Group 2 - Starting from the settlement on September 29, 2025, the margin ratios and price fluctuation limits for various futures contracts will be adjusted, including a 9% fluctuation limit for international copper futures and a 12% limit for crude oil and low-sulfur fuel oil futures [2] - The margin ratio for international copper futures will be set at 10% for hedging positions and 11% for general positions, while crude oil futures will have a 13% margin for hedging and 14% for general positions [2] Group 3 - On October 9, 2025, after the first trading day without a one-sided market, the price fluctuation limits and margin ratios for all futures contracts will revert to their original levels [2][3]