Core Viewpoint - The Zhengzhou Commodity Exchange has announced adjustments to margin requirements and price fluctuation limits for certain futures contracts during the 2026 Spring Festival period, effective from February 9 and February 12, 2026 [1] Group 1: Margin Requirements and Price Limits - From February 9, 2026, the margin requirement for futures contracts of methanol, paraxylene, PTA, short fiber, and bottle flakes will be set at 10%, with a price fluctuation limit of 9% [1] - From February 12, 2026, the margin requirement for futures contracts of glass, soda ash, apples, and red dates will be set at 12%, with a price fluctuation limit of 10% [1] - The margin requirement for futures contracts of rapeseed oil, rapeseed meal, peanuts, cotton, caustic soda, silicon manganese, urea, and propylene will be 10%, with a price fluctuation limit of 9% [1] - The margin requirement for futures contracts of white sugar and cotton yarn will be set at 8%, with a price fluctuation limit of 7% [1]

Market Overview - On February 2, 2026, the domestic futures market opened with more declines than gains, with major contracts such as silver and platinum hitting the limit down, while palladium fell over 15% [3][7] - Gold and tin dropped more than 9%, copper (both domestic and international) and lithium carbonate fell over 5%, and nickel decreased by over 4% [3][7] Price Movements - Significant declines were observed in various commodities, including: - Silver (沪银2604M) at 24,832, down 17.01% [8] - Aluminum (铝2606 M) at 553.20, down 15.84% [8] - Nickel (沪镍2603 M) at 102,000, down 5.85% [8] - Lithium carbonate (碳酸锂2605 M) at 145,180, down 5.72% [8] - In contrast, caustic soda (烧碱) saw an increase of over 2% [3][7] Trading Volume and Open Interest - Trading volumes and open interest showed notable changes, with: - Silver (沪银2604M) having a trading volume of 67,1576, down by 5,087 [8] - Aluminum (铝2606 M) with a trading volume of 982,104.10, showing an increase in open interest by 62 [8] - Copper (国际铜2603 m) with a trading volume of 6,461, down by 1 [8]