[SHFE] Adjusting the Automatic Conversion Standards for Hedging Position Quota of Silver and Copper Futures Contracts

All related partie,

In accordance with Article 13 of the Hedge Trading Rules of the Shanghai Futures Exchange and other relevant provisions, we hereby notify the adjustments to the automatic conversion standards for hedging position quota of Silver and Copper futures contracts as follows:

With respect to the Silver futures contracts, effective from the last trading day of August 2026, the automatic conversion of hedging position quota for nearby delivery months shall be reinstated. If a Non-FF Member, OSNBP, or Client does not hold a hedging position quota for nearby delivery months of a futures contract, then when the contract enters the nearby delivery months (the first month before the delivery month and the delivery month), the SHFE shall take the lower level between the hedging quota in regular months and the general position limit of this product in nearby delivery months as the long and short hedging quotas for nearby delivery months.

With respect to the Copper futures contracts, effective from the last trading day of August 2026, for a Non-FF Member, OSNBP, or Client that does not hold any hedging position quota for nearby delivery months, when entering nearby delivery months (the first month before the delivery month and the delivery month), the long and short hedging position quotas for nearby delivery months automatically converted from the hedging position quota for regular months will be provisionally adjusted to 0 lots.   

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Shanghai Futures Exchange
August 21, 2026

For more details, please refer to the links:

https://www.shfe.com.cn/eng/CircularNews/Circular/202608/t20260821_833036.html