Notice on Trading Adjustments for 2025 Spring Festival Holiday
From the settlement on January 24 (Friday), 2025, the adjustments of price limits and trading margins of INE, DCE, ZCE, SHFE and GFEX are summarized in the following table under the field “During Holiday”.
The market will resume trading on February 5 (Wednesday), 2025. As from the first trading day without the limit-locked market, the adjustments of price limits and trading margins of INE, DCE, ZCE, SHFE and GFEX are summarized in the following table under the field “After Holiday”.
If the above adjusted price limits and the trading margins are not consistent with the existing ones, the higher one of the two shall prevail.
Sheet: Adjustments to Price Limits and Trading Margin for 2025 Spring Festival Holiday
Notes: S=Speculation, H=Hedging
Exchange | Product | Before Holiday | During Holiday | After Holiday | ||||||
Price Limit | Trading Margin | Price Limit | Trading Margin | Price Limit | Trading Margin | |||||
INE | S | H | S | H | S | H | ||||
Crude Oil | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
LSFO | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
TSR 20 | ±6% | 8% | 7% | ±9% | 11% | 10% | ±6% | 8% | 7% | |
Bonded Copper | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
SCFIS(Europe) | ±16% | 18% | 18% | ±20% | 22% | 22% | ±16% | 18% | 18% | |
CFFEX | IF | ±10% | 12% | Unchanged | Unchanged | |||||
IH | ±10% | 12% | Unchanged | Unchanged | ||||||
IC | ±10% | 12% | Unchanged | Unchanged | ||||||
IM | ±10% | 12% | Unchanged | Unchanged | ||||||
IO | ±10% | 12% | Unchanged | Unchanged | ||||||
HO | ±10% | 12% | Unchanged | Unchanged | ||||||
MO | ±10% | 12% | Unchanged | Unchanged | ||||||
TF | ±1.2% | 1.2% | Unchanged | Unchanged | ||||||
TS | ±0.5% | 0.5% | Unchanged | Unchanged | ||||||
T | ±2% | 2% | Unchanged | Unchanged | ||||||
TL | ±3.5% | 3.5% | Unchanged | Unchanged | ||||||
SHFE | S | H | S | H | S | H | ||||
Copper | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Aluminum | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Zinc | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Lead | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Nickel | ±10% | 12% | 11% | ±13% | 15% | 14% | ±10% | 12% | 11% | |
Tin | ±10% | 12% | 11% | ±13% | 15% | 14% | ±10% | 12% | 11% | |
Aluminium Oxide | ±10% | 12% | 11% | ±13% | 15% | 14% | ±10% | 12% | 11% | |
Wood Pulp | ±6% | 8% | 7% | ±9% | 11% | 10% | ±6% | 8% | 7% | |
Steel Rebar | ±5% | 7% | 6% | ±8% | 10% | 9% | ±5% | 7% | 6% | |
Wire Rod | ±7% | 9% | 8% | Unchanged | Unchanged | |||||
Hot-Rolled Coil | ±5% | 7% | 6% | ±8% | 10% | 9% | ±5% | 7% | 6% | |
Gold | ±10% | 12% | 11% | ±13% | 15% | 14% | ±10% | 12% | 11% | |
Silver | ±10% | 12% | 11% | ±13% | 15% | 14% | ±10% | 12% | 11% | |
Stainless Steel | ±5% | 7% | 6% | ±8% | 10% | 9% | ±5% | 7% | 6% | |
Fuel Oil | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Bitumen | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Butadiene Rubber | ±7% | 9% | 8% | ±10% | 12% | 11% | ±7% | 9% | 8% | |
Natural Rubber | ±6% | 8% | 7% | ±9% | 11% | 10% | ±6% | 8% | 7% | |
ZCE | Sugar | ±6% | 7% | ±9% | 10% | ±6% | 7% | |||
Cotton Fiber | ±6% | 7% | ±9% | 10% | ±6% | 7% | ||||
Wheat PM | ±7% | 15% | Unchanged | Unchanged | ||||||
Wheat WH | ±7% | 15% | Unchanged | Unchanged | ||||||
Early Rice | ±7% | 15% | Unchanged | Unchanged | ||||||
Late Indica Rice | ±7% | 15% | Unchanged | Unchanged | ||||||
Japonica Rice | ±7% | 15% | Unchanged | Unchanged | ||||||
Rapeseed Meal | ±6% | 7% | ±9% | 10% | ±6% | 7% | ||||
Rapeseed | ±10% | 20% | Unchanged | Unchanged | ||||||
Rapeseed Oil | ±6% | 7% | ±9% | 10% | ±6% | 7% | ||||
Cotton Yarn | ±4% (±6% for CY2502) | 5% (10% for CY2502) | ±7% | 8% | ±4% | 5% | ||||
Apple | ±9% (±10% for AP503-505) | 10% (13% for AP503-505) | Unchanged | Unchanged | ||||||
Chinese Jujube | ±10% | 12% | ±10% | 12% | ±9% | 10% | ||||
Thermal Coal | ±10% | 50% | Unchanged | Unchanged | ||||||
PTA | ±6% | 7% | ±9% | 10% | ±6% | 7% | ||||
Methanol | ±7% | 8% | ±9% | 10% | ±7% | 8% | ||||
Flat Glass | ±10% | 12% | ±10% | 12% | ±9% | 10% | ||||
Ferrosilicon | ±8% | 9% | ±9% | 10% | ±8% | 9% | ||||
Silicon Manganese | ±8% | 9% | ±9% | 10% | ±8% | 9% | ||||
Urea | ±7% | 8% | ±9% | 10% | ±7% | 8% | ||||
Soda Ash | ±10% | 12% | ±10% | 12% | ±9% | 10% | ||||
Polyester Staple Fiber | ±7% | 8% | ±9% | 10% | ±6% | 7% | ||||
Paraxylene | ±7% | 8% | ±10% | 12% | ±7% | 8% | ||||
Sodium Hydroxide | ±7% | 8% | ±10% | 12% | ±7% | 8% | ||||
Peanut Kernel | ±7% | 8% | Unchanged | Unchanged | ||||||
Polyethylene Terephthalate Resin for Bottles | ±7% | 8% | ±9% | 10% | ±6% | 7% | ||||
DCE | S | H | S | H | S | H | ||||
Iron Ore | ±9% | 11% | 11% | ±12% | 14% | 14% | ±9% | 11% | 11% | |
Coke | ±8% | 20% | 15% | ±10% | 20% | 15% | ±8% | 20% | 15% | |
Coking Coal | ±8% | 12% | 12% | ±10% | 14% | 14% | ±8% | 12% | 12% | |
No. 1 Soybean | ±6% | 7% | 7% | ±8% | 9% | 9% | ±6% | 7% | 7% | |
No. 2 Soybean | ±6% | 7% | 7% | ±9% | 10% | 10% | ±6% | 7% | 7% | |
Soybean Meal | ±6% | 7% | 7% | ±9% | 10% | 10% | ±6% | 7% | 7% | |
Soybean Oil | ±6% | 7% | 7% | ±9% | 10% | 10% | ±6% | 7% | 7% | |
RBD Palm Oil | ±7% | 8% | 8% | ±10% | 11% | 11% | ±7% | 8% | 8% | |
Corn | ±6% | 7% | 7% | ±8% | 9% | 9% | ±6% | 7% | 7% | |
Corn Starch | ±5% | 6% | 6% | ±7% | 8% | 8% | ±5% | 6% | 6% | |
Polished Round-grained Rice | ±5% | 6% | 6% | ±6% | 7% | 7% | ±5% | 6% | 6% | |
Egg | ±6% | 7% | 7% | ±8% | 9% | 9% | ±6% | 7% | 7% | |
Live Hog | ±6% | 8% | 8% | ±8% | 10% | 10% | ±6% | 8% | 8% | |
LLDPE | ±6% | 7% | 7% | ±8% | 9% | 9% | ±6% | 7% | 7% | |
PP | ±6% | 7% | 7% | ±8% | 9% | 9% | ±6% | 7% | 7% | |
PVC | ±6% | 7% | 7% | ±8% | 9% | 9% | ±6% | 7% | 7% | |
Ethylene Glycol | ±7% | 8% | 8% | ±9% | 10% | 10% | ±7% | 8% | 8% | |
Ethenyl-benzene | ±7% | 8% | 8% | ±9% | 10% | 10% | ±7% | 8% | 8% | |
LPG | ±7% | 8% | 8% | ±10% | 11% | 11% | ±7% | 8% | 8% | |
Fiberboard | ±5% | 10% | 10% | ±7% | 10% | 10% | ±5% | 10% | 10% | |
Blockboard | ±5% | 40% | 40% | ±7% | 40% | 40% | ±5% | 40% | 40% | |
Log | ±6% | 8% | 8% | ±8% | 10% | 10% | ±6% | 8% | 8% | |
GFEX | S | H | S | H | S | H | ||||
Industrial Silicon | ±7% | 9% | 8% | ±9% | 11% | 10% | ±7% | 9% | 8% | |
lithium carbonate | ±10% | 12% | 11% | ±11% | 13% | 12% | ±10% | 12% | 11% | |
Polysilicon | ±7% | 9% | 9% | ±9% | 11% | 11% | ±7% | 9% | 8% | |
INE/SHFE/ZCE/DCE/GFEX
January 22, 2025
For more details, please refer to the links:
SHFE: https://www.shfe.com.cn/publicnotice/notice/202501/t20250122_824396.html (Chinese)
INE: https://tsite.shfe.com.cn/eng/circularnews/circular/911404912.html
ZCE: http://english.czce.com.cn/en/AboutUs/News/ggytz/webinfo/2025/01/1738062898558516.htm
DCE: http://www.dce.com.cn/DCE/tradingclearing/Exchange%20Notice/8628871/index.html
GFEX: http://www.gfex.com.cn/gfex/tzts/202501/55b7a930ef2e455aa6daddb64078802d.shtml (Chinese)