Core Points - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for gold and silver futures contracts, effective from October 21, 2025 [2] Group 1: Margin Ratios - The margin ratio for holding positions in gold and silver futures will be adjusted to 15% for hedging positions and 16% for general positions [2] Group 2: Price Limits - The price limit for gold and silver futures contracts will be set at 14% [2] Group 3: Risk Management - Adjustments to the margin ratios and price limits may occur based on the provisions outlined in Article 13 of the Shanghai Futures Exchange Risk Control Management Measures [2]

新华财经北京10月17日电上海期货交易所17日发布通知称，经研究决定，自2025年10月21日（星期二） 收盘结算时起，交易保证金比例和涨跌停板幅度调整如下：黄金、白银期货合约的涨跌停板幅度调整为 14%，套保持仓交易保证金比例调整为15%，一般持仓交易保证金比例调整为16%。 | 品种 | | 现行标准(%) | | | 调整后标准(%) | | | --- | --- | --- | --- | --- | --- | --- | | | 涨跌 | 交易保证金 | | 涨跌 | 交易保证金 | | | | 停板 | 套保持仓 | -般持色 | 停板 | 套保持仓 | 一般持仓 | | 黄金 | 12 | 13 | 14 | 14 | 15 | 16 | | 白银 | 12 | 13 | 14 | 14 | 15 | 16 | （文章来源：新华财经） 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，则在上述交易保证金比例、涨跌停板幅 度基础上调整。 ...

Market Closure Announcement - The stock exchanges in Shanghai, Shenzhen, and Beijing will be closed from October 1 (Wednesday) to October 8 (Wednesday) for the National Day and Mid-Autumn Festival, resuming normal operations on October 9 (Thursday) [1][5][6] - Weekend closures are scheduled for September 28 (Sunday) and October 11 (Saturday) [1][5][6] Clearing and Settlement Arrangements - During the holiday period, clearing and settlement will follow the arrangements set by China Securities Depository and Clearing Corporation [2][5][6] - Specific trading system adjustments will occur on October 8 (Wednesday) from 9:15 to 12:00 to ensure smooth trading after the holiday [6] Hong Kong Stock Connect Services - The Shenzhen Stock Exchange will not provide Hong Kong Stock Connect services from October 1 to October 8, resuming on October 9 [8] - Additional trading days for Hong Kong Stock Connect are set for September 29 and 30, with specific clearing dates for transactions occurring during the holiday [8] Futures and Options Trading Adjustments - The Shanghai International Energy Exchange will not conduct night trading on September 30 and will be closed from October 1 to October 8, resuming trading on October 9 [9] - Adjustments to margin requirements and price limits for various futures contracts will take effect starting September 29, with specific percentages outlined for different commodities [9][10]

Market Closure Announcement - The A-share market will be closed from October 1 (Wednesday) to October 8 (Wednesday), resuming normal operations on October 9 (Thursday) [2] - The Hong Kong Stock Connect will also be unavailable during the same period, with services resuming on October 9 [2] - The Shanghai International Energy Exchange has announced similar closures for the 2025 National Day and Mid-Autumn Festival, with specific trading arrangements detailed [4][5] Trading Margin and Price Limit Adjustments - For the 2025 holiday period, various futures contracts will see adjustments in trading margin ratios and price limit ranges, including: - International copper futures: price limit adjusted to 9%, margin for hedging at 10%, and general positions at 11% [5] - Crude oil and low-sulfur fuel oil futures: price limit adjusted to 12%, margin for hedging at 13%, and general positions at 14% [5] - 20 rubber futures: price limit adjusted to 11%, margin for hedging at 12%, and general positions at 13% [5] - Container shipping index futures: price limit adjusted to 20%, with a margin ratio of 22% [5] - After the holiday, these limits and margins will revert to their original levels on the first trading day without a one-sided market [5]

Group 1 - The Dalian Commodity Exchange (DCE) announced that during the Dragon Boat Festival holiday in 2025, the price fluctuation limits and trading margin levels for all futures contracts will remain unchanged [1] - Member units are advised to enhance risk warning measures for clients and strengthen market risk prevention to ensure stable market operations [1]

Core Viewpoint - The Shanghai Futures Exchange has set the trading margin for aluminum alloy futures at 9% of the contract value, with a lower margin of 8% for hedging transactions, and established a price fluctuation limit of ±7%, which is doubled on the first trading day [1] Summary by Category - **Trading Margin** - The trading margin for aluminum alloy futures is established at 9% of the contract value [1] - For hedging transactions, the margin is set at 8% of the contract value [1] - **Price Fluctuation Limits** - The price fluctuation limit for aluminum alloy futures is ±7% [1] - On the first trading day, the price fluctuation limit is doubled [1]