The previous exchange optimized the silver futures trading hedging policy, and the new regulations will take effect at the end of February.

Shanghai Futures Exchange recently announced policy adjustments. Starting from the last trading day of February 2026, it will implement significant regulations on silver hedging transactions. These risk management measures aim to strengthen position management near delivery months and further standardize market order. According to Article 13 of the “Shanghai Futures Exchange Hedging Transaction Management Measures,” the relevant adjustments have officially taken effect.

Optimization of Automatic Switching Mechanism for Silver Hedging Position Limits

Under the new regulations, for silver contracts, non-futures company members, overseas special non-broker participants, and related clients who have not obtained position limits for hedging transactions in near delivery months will face new management rules for their approved hedging position limits in regular months. When these positions enter the near delivery months (one month before delivery and the delivery month), the system will automatically trigger the limit conversion mechanism.

Under the new standards, the buy and sell hedging position limits for these investors will be automatically adjusted to zero lots. This change requires market participants to proactively adjust their strategies and improve hedging plans in advance to avoid passive liquidation close to delivery.

Synchronous Adjustment of Margin Parameters for Precious Metals and Non-Ferrous Metals

Meanwhile, on February 9, the Shanghai Futures Exchange also adjusted risk management parameters for multiple contracts. The price limit for copper CU2702, aluminum AL2702, lead PB2702, zinc ZN2702, and alumina AO2702 contracts was uniformly adjusted to 10%. The margin ratio for hedging transactions in these futures contracts was adjusted to 11%, while the margin ratio for general position trading was adjusted to 12%.

These parameter adjustments reflect the exchange’s dynamic assessment of market liquidity and risk. The optimization of price limits and margins enhances the market’s volatility management capabilities and impacts traders’ capital allocation efficiency. Investors should reassess their risk tolerance and position sizes based on the new margin requirements.