本报讯2月9日，上期能源发布通知，调整原油等期货新上市合约交易保证金比例和涨跌停板幅度。 通知称，原油2903合约、低硫燃料油2703合约、20号胶2702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%；国际铜2702合约的涨跌停板幅度调 整为10%，套保持仓交易保证金比例调整为11%，一般持仓交易保证金比例调整为12%。(齐宣) ...

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。关于涨跌停板和交易保证金的其他事项按《上海期货交易所风险控制管理办法》及相关 业务规则执行。 2月9日，上期所公告，经研究决定，下述合约上市时起，涨跌停板幅度和交易保证金比例调整如下： 附件：相关合约涨跌停板幅度和交易保证金比例调整一览表 铜CU2702、铝AL2702、铅PB2702、锌ZN2702、氧化铝AO27 ...

如遇《上海国际能源交易中心风险控制管理细则》第十六条规定情况，则在上述涨跌停板幅度、交易保 证金比例基础上调整。关于涨跌停板和交易保证金的其他事项按《上海国际能源交易中心风险控制管理 细则》及相关业务规则执行。 附件：相关合约涨跌停板幅度和交易保证金比例调整一览表 2月9日，上期能源发布关于调整原油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。经研究 决定，下述合约上市时起，涨跌停板幅度和交易保证金比例调整如下： 原油SC2903、低硫燃料油LU2703、20号胶NR2702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%；国际铜BC2702合约的涨跌停板幅度调整为 10%，套保持仓交易保证金比例调整为11%，一般持仓交易保证金比例调整为12%。 ...

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]