Core Points - The Guangxi Futures Exchange announced risk control measures for the National Day and Mid-Autumn Festival holidays in 2025, effective from September 29, 2025 [1] Group 1: Futures Contract Adjustments - The price fluctuation limits for industrial silicon futures contracts will be adjusted to 10%, with speculative trading margin set at 12% and hedging margin at 11% [1] - The price fluctuation limits for polysilicon futures contracts will be adjusted to 11%, with speculative trading margin set at 13% and hedging margin at 12% [1] - The price fluctuation limits for lithium carbonate futures contracts will be adjusted to 10%, with speculative trading margin set at 12% and hedging margin at 11% [1] Group 2: Trading Resumption and Further Adjustments - Trading will resume on October 9, 2025, and if the largest contracts in each category do not experience a one-sided price limit with continuous quotes, the price fluctuation limits and margin standards will revert to pre-adjustment levels [1] - For lithium carbonate futures contracts, the price fluctuation limit will be adjusted to 9%, with speculative trading margin set at 11% and hedging margin at 10% [1] - In cases where the adjusted price fluctuation limits and margin standards differ from the current ones, the higher of the two will be implemented [1]

Core Viewpoint - The upcoming National Day and Mid-Autumn Festival holidays have prompted major futures exchanges in China to adjust the price fluctuation limits and margin levels for various futures contracts [1] Group 1: Shanghai Futures Exchange Adjustments - Starting from the settlement on September 29, the fluctuation limit for aluminum alloy futures contracts is set at 7%, with margin levels adjusted to 8% for hedging and 9% for general positions [2] - For copper, aluminum, zinc, and lead futures, the fluctuation limit is adjusted to 9%, with margin levels set at 10% for hedging and 11% for general positions [2] - The fluctuation limit for aluminum oxide futures is set at 11%, with margin levels at 12% for hedging and 13% for general positions [2] - Nickel and tin futures have a fluctuation limit of 12%, with margin levels at 13% for hedging and 14% for general positions [2] - Gold and silver futures have a fluctuation limit of 15%, with margin levels at 16% for hedging and 17% for general positions [2] Group 2: Shanghai International Energy Exchange Adjustments - For international copper futures, the fluctuation limit is set at 9%, with margin levels at 10% for hedging and 11% for general positions [3] - Crude oil and low-sulfur fuel oil futures have a fluctuation limit of 12%, with margin levels at 13% for hedging and 14% for general positions [3] - The fluctuation limit for 20 rubber futures is set at 11%, with margin levels at 12% for hedging and 13% for general positions [3] - The fluctuation limit for the shipping index (European line) futures is set at 20%, with a margin level of 22% [3] Group 3: Zhengzhou Commodity Exchange Adjustments - Starting from the settlement on September 29, the margin standard for apple, glass, and soda ash futures is set at 12%, with a fluctuation limit of 10% [4] - For futures contracts of soybean meal, red dates, silicon iron, manganese silicon, and caustic soda, the margin standard is 10%, with a fluctuation limit of 9% [4] - The margin standard for sugar, cotton, rapeseed oil, peanuts, PTA, methanol, urea, short fiber, p-xylene, bottle flakes, and propylene futures is set at 9%, with a fluctuation limit of 8% [4] Group 4: Dalian Commodity Exchange Adjustments - Starting from the settlement on September 29, the fluctuation limit for iron ore futures is set at 11%, with a margin level of 13% [5] - The fluctuation limit for coking coal futures is also set at 11%, with the margin level unchanged [5] - For palm oil, eggs, ethylene glycol, styrene, and liquefied petroleum gas futures, the fluctuation limit is set at 9%, with a margin level of 10% [5]

本报讯（记者 鲍仁）4月27日， 上期所及其子公司上期能源公布劳动节假期风控措施。 根据上期能源公告，自4月29日（星期二）收盘结算时起，国际铜期货合约的涨跌停板幅度调整为 10%，套保交易保证金比例调整为11%，投机交易保证金比例调整为12%；20号胶期货合约的涨跌停板 幅度调整为11%，套保交易保证金比例调整为12%，投机交易保证金比例调整为13%；原油、低硫燃料 油期货合约的涨跌停板幅度调整为12%，套保交易保证金比例调整为13%，投机交易保证金比例调整为 14%；集运指数（欧线）期货合约的涨跌停板幅度调整为19%，交易保证金比例调整为21%。 上期能源公告称，5月6日（星期二）交易后，自第一个未出现单边市的交易日收盘结算时起，所有期货 合约的涨跌停板幅度和交易保证金比例恢复至原有水平。 根据上期所公告，自4月29日（星期二）收盘结算时起，螺纹钢、热轧卷板、不锈钢期货合约的涨跌停 板幅度调整为8%，套保交易保证金比例调整为9%，投机交易保证金比例调整为10%；铝、锌、铅、氧 化铝、线材、纸浆期货合约的涨跌停板幅度调整为9%，套保交易保证金比例调整为10%，投机交易保 证金比例调整为11%；铜期货合约的涨 ...