不过，随着基本面利多逐步被市场消化，1月15日沪锡期货涨幅已出现收窄迹象，在资金博弈加剧的背 景下，她提示市场参与者需保持理性、谨慎参与。 根据公告，自2026年1月15日收盘结算时起，锡期货合约涨跌停板幅度调整为11%，套期保值持仓交易 保证金比例调整为12%，一般持仓交易保证金比例调整为13%。同时，自1月15日夜盘交易起，非期货 公司会员、境外特殊非经纪参与者及客户在锡期货各合约的日内开仓交易最大数量为800手，套期保值 交易和做市交易不受该限额影响。 近期，沪锡期货价格持续走高并突破历史高点，一度站上44万元/吨关口，市场交易热度明显提升，价 格波动明显放大。国泰君安期货有色及贵金属组高级分析师刘雨萱表示，此轮锡价上涨受多重因素推 动。 从供给端看，缅甸锡矿复产进度不及预期，印尼年初出口受配额因素制约较为清淡，刚果（金）等非洲 地区受局部冲突扰动，存在阶段性减产预期；从库存端看，前期国内库存去化，国内社会库存水平处于 历史中游，近两日国内期货库存有所累积；在消费端，国内多地出台先进制造业升级方案，聚焦电子信 息、新能源汽车等领域，市场对中长期电子产品及锡焊料需求增长预期较为乐观。 期货日报网讯（记者 ...

Group 1: Industry Policy and Event Timeline - On June 5 - 25, 2025, the reference price of CCTD seaborne thermal coal spot remained unchanged at 618 yuan/ton for 15 days [2] - On July 1, 2025, the Sixth Meeting of the Central Financial and Economic Commission was held, providing a direction for the policy deployment of "comprehensive rectification of involution - style competition" [2] - On July 10, 2025, the National Energy Administration issued a notice on organizing a verification of coal mine production to promote the stable and orderly supply of coal [2] - On July 18, 2025, the Shanxi Provincial Energy Bureau issued a notice on organizing a verification of coal mine production [2] - On July 25, 2025, the Dalian Commodity Exchange announced position limits for coking coal futures contracts 250, 2601 [2] - On August 8, 2025, the Shanxi Provincial Emergency Management Department issued a notice on the work plan for on - the - spot inspections of mine safety production in the whole province [2] Group 2: Market Characteristics - The game between policies and the market is more intense when comparing the M2509, JM2601, and JM2605 contracts with the main continuous contract of coking coal in Wenhua Finance [5]