智通财经APP获悉，涵盖金属与能源等大宗商品交易的全球最大规模期货交易所——芝加哥商品交易所集团(CME Group)在本周国际银价不断飙升至创纪录 历史高位之后，再一次上调了Comex白银期货的保证金。芝商所此次对于部分白银、铂金和钯金期货合约的保证金(Outright Rates)参数进行的最新一轮调 整，正值白银多空酣战之际，在美股市场，流入ProShares两倍做空白银ETF以及全球最大市值规模白银ETF——iShares Silver Trust的资金几乎同时飙升，凸 显出市场正在就白银进行一场"多空大战"，而这类保证金上调在交易层面通常偏利空。 芝商所周二在一份声明中表示，对于非"风险加剧"账户，保证金将从当前名义金额(所谓 notional)的9%上调至11%。声明称，"风险加剧"账户的保证金将从 当前的9.9%更进一步上调至12.1%。芝商所表示，一部分铂金和钯金期货的保证金也将被上调。 该交易所表示，此次调整自周三收盘起正式生效，并且是在"对市场波动性进行常规审查以确保充足的抵押品覆盖"之后所决定。 本月早些时候，芝商所已将贵金属期货的单边直接保证金(outright margin)设定方式 ...

芝加哥商品交易所（CME）当地时间27日发布通知，对部分白银、铂金和钯金期货合约的保证金 （Outright Rates）参数进行调整。 文件显示，部分白银合约的新保证金比例高于此前水平，约为名义价值的11%。新标准将于当地时间1 月28日收盘后生效。本次通知未涉及黄金相关合约。 提高保证金意味着那些想要交易白银、铂金和钯金期货的人将需要提供更多抵押品，以确保他们能够履 行其义务。虽然当合约飙升或极度波动时，交易所通常会提高保证金，但周二的举动可能会排挤那些没 有足够现金进行必要存款的小型参与者。 散户狂潮席卷白银市场 根据Vanda的数据，包括英伟达、特斯拉和Palantir在内的知名科技股，曾是2025年散户投资 者买入最多的个股。但如今，白银的交易热度甚至超过了自2022年底以来便令华尔街着迷的 人工智能宠儿——英伟达。衡量交易加速的白银换手动量已跃升至正常水平的11.55倍，高 于英伟达的7.54倍。 因此，"相对而言，散户对白银的追逐现在比经典的AI交易更为激烈，"巴雷克说。 巴雷克指出，对一度被称为"穷人的黄金"的白银兴趣高涨，对矿业股产生了"光环效应"。 Vanda数据显示，Hecla Mini ...

随着美元指数周二遭遇去年四月以来最猛烈跌幅，周三(1月28日)亚市早盘，国际贵金属价格再度大幅 上涨，现货黄金价格一举升破了5200美元/盎司。而与此同时，芝商所(CME)则再度上调了白银、铂 金、钯金的保证金比例。 周二，当被记者问及是否担心美元贬值时，美国总统特朗普称："不，我认为美元表现很好。我希望 （美元）回归自身应有的水平，这是合理的做法。" 在特朗普发表上述评论之前，美元已经历了自去年4月关税冲击以来最大的三日跌幅，特朗普反复无常 的格陵兰外交政策以及美国愿意帮助日本提振日元的信号，都令市场感到不安。而特朗普的最新言论， 无疑进一步加剧了美元的下跌态势。 "外汇市场参与者总是在寻找可以顺势而为的趋势，"渣打银行驻纽约全球G10货币研究主管史蒂夫·英格 兰德表示，"官员们通常会反对突然的货币政策变动，但当总统表示漠不关心甚至支持这种做法时，就 会鼓励美元卖方继续施压。" 上周，美国财政部罕见地实施了一次汇率询价操作——指示纽约联储联系多家银行，询问如果决定进行 美元兑日元交易，银行所能提供的汇率。一位消息人士表示，市场将此视为一个信号，表明如果日本推 高日元汇率，美国当局不会介意，甚至可能会提供帮助 ...

根据公告，此次修订主要包括三方面：一是修订对二甲苯、瓶片、短纤品种业务细则，将境外经纪机构 纳入规则适用范围。二是修订瓶片、短纤合约文本及业务细则，增加出口型车（船）板交割方式及具体 规定。三是修订《郑州商品交易所期货交割管理办法》，明确境外交易者分配到适用出口型车（船）板 交割境内特定品种的完税标准仓单的处置方式。 本报讯（记者 韩乐）1月26日，郑商所发布公告称，为满足对二甲苯、瓶片、短纤期货及期权，精对苯 二甲酸期权引入境外交易者相关业务需求，拟对相关业务规则进行修订，向社会公开征求意见。 ...

每经AI快讯，当地时间1月26日，洲际交易所（ICE）农产品期货主力合约收盘多数上涨，原糖期货涨 0.27%报14.77美分/磅，棉花期货跌1.36%报62.94美分/磅，可可期货涨2.93%报4324.00美元/吨，咖啡期 货涨1.78%报357.15美分/磅。 ...

Core Viewpoint - The Dalian Commodity Exchange (DCE) has announced the launch of soybean meal and corn series options, which will begin trading on February 2, 2024, aimed at enhancing risk management for enterprises in the agricultural sector [1][2]. Group 1: Trading Parameters - The trading time for the series options will align with existing soybean meal and corn options, operating from 9:00 AM to 11:30 AM and 1:30 PM to 3:00 PM, including night trading sessions [1]. - The first batch of options will be based on the M2607 and C2607 futures contracts, with subsequent options to be listed on the first trading day of the month five months prior to the futures contract expiration [1]. Group 2: Cost and Fees - The trading fees, exercise fees, and declaration fees for the soybean meal and corn series options will be consistent with those of the conventional options [1]. - It is noted that the declaration fees for options with the same contract month will be calculated together for both conventional and series options [2]. Group 3: Position Limits and Management - The position limit for soybean meal and corn options remains unchanged at 40,000 contracts, with a combined limit management for options of the same contract month [2]. - The DCE has completed necessary rule revisions and market system testing to ensure a smooth launch and stable operation of the series options [2]. Group 4: Market Development and Future Plans - The DCE is actively promoting market awareness and usage of the series options through collaboration with industry partners and member units [2]. - Future efforts will focus on enhancing the operational quality and effectiveness of the options market, aiming to better serve the diverse and refined risk management needs of the agricultural industry [2].

Group 1 - The total silver futures in Shanghai Futures Exchange is 573,810 kilograms, with a decrease of 7,280 kilograms compared to the previous day [1] - The main silver futures maintained a volatile pattern, opening at 25,228 yuan per kilogram, reaching a high of 28,226 yuan per kilogram, and a low of 24,880 yuan per kilogram, closing at 27,207 yuan per kilogram, which is an increase of 12.78% [1] Group 2 - In Shanghai, the total silver warehouse inventory decreased by 5,714 kilograms, with specific reductions from 中工美供应链 (4,714 kg) and 中储吴淞 (1,000 kg) [2] - The Russian military is reportedly advancing on all fronts, with the domestic military-industrial complex accelerating development, indicating economic resilience [2] - Upcoming trilateral talks between Russia, the US, and Ukraine are expected to take place on February 1 in Abu Dhabi, focusing on conditions to end the conflict [3]

Core Insights - The Shanghai Futures Exchange (SHFE) has intensified its regulatory measures to combat illegal trading activities and maintain market order, as evidenced by recent announcements regarding trading restrictions on certain clients [1][2]. Group 1: Regulatory Actions - On January 26, SHFE announced restrictions on 16 clients involved in trading tin and silver futures due to undisclosed actual control relationships, imposing a one-month limit on new positions and withdrawals [1]. - Prior to this, on January 21, SHFE had already restricted another group of clients for exceeding trading limits, which violated the exchange's regulations [2]. - The exchange has also adjusted trading limits and margin requirements for various futures contracts, including nickel, aluminum, lead, and zinc, to enhance regulatory oversight [2]. Group 2: Market Performance - On January 26, metal prices surged, with London gold reaching a historic high of over $5,000 per ounce and silver surpassing $100 per ounce [1]. - In the domestic futures market, the main gold futures contract on SHFE hit a new high of 1,147 yuan per gram, while the main silver futures contract saw a rise of over 13%, peaking at 28,226 yuan per kilogram [1]. - Additionally, the main tin futures contract reached a new high of 462,720 yuan per ton, although prices experienced fluctuations later in the day [1]. Group 3: Trading Limit Adjustments - On January 16, SHFE announced adjustments to trading limits for silver and nickel futures, setting maximum daily opening quantities for specific contracts at 3,000 lots for silver and 2,500 lots for nickel [3]. - These limits apply to non-futures company members and special overseas participants, while hedging and market-making transactions are exempt from these restrictions [3].

泰国监管突然出手。 今日（1月26日），泰国期货交易所宣布，暂停美元兑日元期货以及白银在线期货交易。在此之前，日元兑美元汇 率持续大涨，现货白银价格一度暴涨近6%，再度创出历史新高。 有分析指出，日元汇率突然飙涨的主要原因是"美日联合干预"的信号引发市场紧张。日本首相高市早苗此前发出 严厉警告，承诺政府将采取"一切必要措施"应对市场的投机性和极度异常波动。另有消息称，纽约联储上周五在 美国财政部的指示下，致电各大金融机构询问美元兑日元的汇率报价。这一举动通常被视为直接干预汇市的前 兆，甚至是美国准备协助日本支撑日元的关键信号。 突然宣布：暂停交易 1月26日，泰国期货交易所宣布，暂停美元兑日元期货以及白银在线期货交易。 有分析指出，泰国监管的这一举动主要原因是，美元兑日元期货、白银在线期货的交易价格波动过于剧烈，存在 较大的风险。 周一亚洲早盘交易时段，日元兑美元汇率一度大涨超1%，最高涨至1美元兑153.81日元，创下一个多月以来最高水 平。上周五，日元兑美元汇率大涨超1.7%。 值得注意的是，此次行动极为罕见。据纽约联储网站数据，自1996年以来，美国仅在三个不同场合干预过汇市， 最近一次是在2011年日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soda ash futures market is in a volatile stage with a mid - term bearish view, and it is recommended to wait and see. The glass futures market is in a volatile trend, and it is recommended to hold an empty position and wait and see [6][29]. 3. Summary by Directory Soda Ash Futures Mid - line Market Analysis - The soda ash futures are in a volatile phase. Last week, the domestic soda ash market was generally stable but slightly weak. Supply was abundant, downstream demand was flat, and the market lacked upward drivers. It is expected to continue a narrow - range weak consolidation. The futures are under pressure due to high supply and weak demand, and there is no core rebound power. The weak glass market also drags down demand expectations. The mid - term view is to be bearish on rebounds, and it is recommended to wait and see [6]. Variety Trading Strategy - **Last week's strategy review**: The soda ash spot market had a narrow - range shock last week. Supply was sufficient but demand was weak, and prices were under pressure. The futures were volatile and weak, suppressed by high supply, high inventory, and weak demand, and the rebound was weak [9]. - **This week's strategy suggestion**: The soda ash market was stable but slightly weak last week, with some prices slightly loosening. The supply - demand game continued. It is expected to continue a narrow - range weak consolidation. The futures are under pressure to decline, lacking rebound power due to high supply, weak demand, and the weak downstream. The bearish view is maintained [10]. Relevant Data Situation - The relevant data includes China's weekly soda ash开工率,产量,轻质库存,重质库存, daily basis, and the weekly ammonia - soda process production cost in North China [11][14][16]. Glass Futures Mid - line Market Analysis - Overall, the glass is in a volatile trend. Last week, the domestic float glass market had a narrow - range consolidation with regional differences. The overall price fluctuation was limited. The market sentiment was generally weak, and downstream demand showed a seasonal weakening feature. The current market supply - demand pattern is stable supply and weak demand, lacking substantial positive factors. It is expected to maintain a narrow - range shock in the short term. It is recommended to hold an empty position and wait and see [29]. Variety Trading Strategy - **Last week's strategy review**: The float glass market rose and then stabilized last week. Supply contraction initially pushed up quotes, but weak demand restricted the increase, and inventories generally decreased. The glass futures were weak and declined, with cost support and high inventory in a game, lacking positive factors, and maintaining a weak trend [32]. - **This week's strategy suggestion**: The float glass market had a narrow - range consolidation last week with regional differentiation and limited price fluctuations. Demand weakened seasonally, and the overall inventory tended to be stable. The glass futures declined weakly mainly due to weak real - estate demand and will still face inventory pressure in the future. It is expected to have a low - level shock in the short term [33]. Relevant Data Situation - The relevant data includes China's weekly float glass产量,开工率, production cost and production profit of the float process using natural gas as fuel, daily basis, and weekly ending inventory [35][39][42].