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]

Core Points - The Shanghai Futures Exchange (SHFE) and its subsidiary, Shanghai International Energy Exchange, announced risk control measures for the Labor Day holiday, adjusting the price fluctuation limits and margin requirements for various futures contracts [1][2] Group 1: Price Fluctuation Limits and Margin Requirements - From April 29, the price fluctuation limit for rebar, hot-rolled coil, and stainless steel futures contracts will be adjusted to 8%, with hedging margin at 9% and speculative margin at 10% [1] - For aluminum, zinc, lead, alumina, wire rod, and pulp futures, the fluctuation limit will be set at 9%, with hedging margin at 10% and speculative margin at 11% [1] - Copper futures will have a fluctuation limit of 10%, with hedging margin at 11% and speculative margin at 12% [1] - Natural rubber futures will see a fluctuation limit of 11%, with hedging margin at 12% and speculative margin at 13% [1] - For fuel oil, asphalt, butadiene rubber, nickel, and tin futures, the fluctuation limit will be 12%, with hedging margin at 13% and speculative margin at 14% [1] - Silver futures will have a fluctuation limit of 13%, with hedging margin at 14% and speculative margin at 15% [1] - Gold futures will see a fluctuation limit of 14%, with hedging margin at 15% and speculative margin at 16% [1] Group 2: Future Adjustments - On May 6, after the first trading day without a one-sided market, the fluctuation limit for gold futures will be adjusted to 12%, with hedging margin at 13% and speculative margin at 14% [2] - Other futures contracts will revert to their original fluctuation limits and margin requirements after May 6 [2] - The fluctuation limit for international copper futures will be set at 10%, with hedging margin at 11% and speculative margin at 12% [2] - The fluctuation limit for 20 rubber futures will be 11%, with hedging margin at 12% and speculative margin at 13% [2] - For crude oil and low-sulfur fuel oil futures, the fluctuation limit will be 12%, with hedging margin at 13% and speculative margin at 14% [2] - The shipping index (European line) futures will have a fluctuation limit of 19%, with a margin requirement of 21% [2] - All futures contracts' fluctuation limits and margin requirements will return to their original levels after May 6 [2]