The Shanghai Futures Exchange has issued a notice adjusting the trading margin requirements and daily price fluctuation limits for newly listed contracts of copper and other futures products.

Effective from the listing date of the specified contracts, the adjustments are as follows: - Daily price limits for copper CU2702, aluminum AL2702, lead PB2702, zinc ZN2702, and alumina AO2702 contracts are set at 10%, with hedging margin requirements at 11% and speculative margin requirements at 12%. - Cast aluminum alloy AD2702, wire rod WR2702, and stainless steel SS2702 contracts will have daily price limits of 8%, hedging margins of 9%, and speculative margins of 10%. - Nickel NI2702 and tin SN2702 contracts will have daily price limits of 12%, hedging margins of 13%, and speculative margins of 14%. - Gold AU2605 contracts will have a daily price limit of 17%, hedging margins of 18%, and speculative margins of 19%. - Silver AG2702 contracts will have a daily price limit of 20%, hedging margins of 21%, and speculative margins of 22%. - Rebar RB2702, hot-rolled coil HC2702, pulp SP2702, and offset printing paper OP2702 contracts will have daily price limits of 7%, hedging margins of 8%, and speculative margins of 9%. - Fuel oil FU2703, petroleum asphalt BU2702, and butadiene rubber BR2702 contracts will have daily price limits of 9%, hedging margins of 10%, and speculative margins of 11%.

Should circumstances outlined in Article 13 of the Shanghai Futures Exchange Risk Control Management Measures occur, further adjustments to these limits and margins may be applied. All other matters related to price limits and margins will follow the exchange's risk control regulations and relevant business rules.

Separately, the exchange released arrangements for the 2026 Spring Festival holiday period. On February 13, 2026 (Friday), no night trading session will be held. The market will be closed from February 14 (Saturday) through February 23 (Monday). Trading will resume on February 24 (Tuesday) with a call auction for all futures and options contracts from 08:55 to 09:00, followed by the resumption of night trading.

Starting from the close of February 12, 2026, margin requirements and daily price limits for existing contracts will be adjusted as follows: - Copper, aluminum, zinc, lead, and alumina futures will have daily price limits of 13%, hedging margins of 14%, and speculative margins of 15%. - Nickel and tin futures will have daily price limits of 15%, hedging margins of 16%, and speculative margins of 17%. - Cast aluminum alloy, wire rod, and stainless steel futures will have daily price limits of 11%, hedging margins of 12%, and speculative margins of 13%. - Gold futures will have daily price limits of 20%, hedging margins of 21%, and speculative margins of 22%. - Silver futures will have daily price limits of 25%, hedging margins of 26%, and speculative margins of 27%. - Rebar, hot-rolled coil, pulp, and offset printing paper futures will have daily price limits of 10%, hedging margins of 11%, and speculative margins of 12%. - Fuel oil, petroleum asphalt, butadiene rubber, and natural rubber futures will have daily price limits of 12%, hedging margins of 13%, and speculative margins of 14%.

After trading resumes on February 24, price limits and margin requirements for all listed contracts will revert to their previous levels following the first trading day without a one-sided market. Relevant parties are advised to strengthen risk management to ensure market stability and smooth settlement.

Meanwhile, the Shanghai Gold Exchange also announced heightened margin requirements for gold and silver contracts ahead of the holiday. From the close of February 11, 2026, margin ratios for contracts including Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12 will increase from 18% to 21%, with daily price limits rising from 17% to 20%. For Ag(T+D) contracts, margins will increase from 24% to 27%, and price limits from 23% to 26%. The margin for CAu99.99 contracts will rise from 150,000 yuan to 200,000 yuan per lot.

Members are urged to enhance risk awareness, prepare contingency plans, and guide investors toward prudent position management to maintain healthy market operations.

In related market movements, spot gold reclaimed the $5,000 per ounce level on February 9, rising over 1% to $5,011.59. Spot silver surged as much as 6% intraday, reaching $80 per ounce.

Analysts at Orient Securities noted that recent sharp fluctuations in precious metals stem from overly optimistic investor sentiment that accelerated long-term trends. They maintain that the long-term bull market remains intact amid unresolved U.S. debt issues, but caution that high volatility may persist in the short term. Over the longer horizon, declining confidence in fiat currencies continues to support precious metal prices, with potential for mid-term gains in 2026 once prices stabilize.

Ping An Securities highlighted a favorable supply-demand outlook for copper, expecting its long-term price floor to rise gradually. Global industrial upgrades, grid expansion, and data center construction are likely to drive copper demand, while supply remains constrained due to rising resource protection policies overseas. This imbalance is expected to support higher copper prices over time.