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Circular on Trading Adjustments for the Spring Festival 2021
In accordance with Trading Schedule during National Holidays for Year 2021 and Risk Management Rules of the Shanghai International Energy Exchange, Shanghai International Energy Exchange (hereinafter referred to as “INE”) hereby notifies the trading adjustments for the Spring Festival 2021 as follows:
1. The market will be closed from 3:00 p.m. of February 10, 2021 to February 17, 2021. It also closes on February 7, 2021 (Sunday) and February 20,2021 (Saturday).
The market will resume trading on February 18, 2021 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day.
2. As from the first trading day without the Limit-locked market from February 9, 2021, INE will adjust the trading margin rates and the price limits for the contracts listed below since the daily clearing process begins:
The trading margin rate of Bonded Copper Futures Contracts will be 10% of the contract value and the price limit will be ±8% from the settlement price of that day.
The trading margin rate of TSR 20 Futures Contracts will be 12% of the contract value and the price limit will be ±10% from the settlement price of that day.
The trading margin rate of Crude Oil and Low Sulfur Fuel Oil Futures Contracts will be 13% of the contract value and the price limit will be ±11% from the settlement price of that day.
In the case that the above adjusted trading margin rate and price limit vary from the current ones, the higher ones will prevail.
3. The market will resume trading on February 18, 2021. As from the first trading day without the Limit-locked market, INE will adjust the trading margin rates and the price limits for the contracts listed below since the daily clearing process begins:
The trading margin rate of Bonded Copper Futures Contracts will return to 8% of the contract value and the price limit will be ±6% from the settlement price of that day.
The trading margin rate of TSR 20, Crude Oil and Low Sulfur Fuel Oil Futures Contracts will return to 10% of the contract value and the price limit will be ±8% from the settlement price of that day.
Please refer to Risk Management Rules of the Shanghai International Energy Exchange for implementing other provisions concerning the trading margin and the price limit.
All Members and Overseas Special Participants shall manage risks in a sound manner to ensure the smooth functioning of the market.
In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.
Appendix: The Adjustment of Trading Margin Rates and the Price Limits of FuturesContracts for the Spring Festival 2021
Shanghai International Energy Exchange
February 4, 2021
Notice on Adjustments to Margins and Price Limits of ZCE Products During 2021 Spring Festival Holidays
To Members:
According to Article 9 of the Measures for the Administration of Risk Control of Zhengzhou Commodity Exchange, Zhengzhou Commodity Exchange (ZCE) hereby adjusts margins and price limits of some futures as follows:
From the settlement on February 9, 2021, margins and price limits of PTA, Polyester Fiber and Methanol futures will be adjusted to 10% and ±9% respectively. Margins and price limits of Peanut Kernel, White Sugar, Cotton, Cotton Yarn, Rapeseed Meal, Rapeseed Oil, Apple, Thermal Coal, Ferroalloy and Silicon Manganese futures will be adjusted to 9% and ±8% respectively. Margins and price limits of Wheat PM, Wheat WH, Early Rice, Late Rice, Japonica Rice, Chinese Jujube, Soda Ash, Glass, and Urea futures will be adjusted to 8% and ±7% respectively. The margins of Thermal Coal 2103 Contract shall remain 15%.
Trading will be resumed on February 18, 2021. From the settlement of the first trading day on which limit-locked market does not occur on the contract with the largest open interest of such product, margins and price limits of these futures will be restored to standards before the adjustments.
In case the above adjusted margins and price limits vary from the current ones, the higher one will prevail.
All members are required to strengthen capital and position risks management, and to remind clients to improve risk awareness.
Attachment：Adjustments of Margins and Price Limits of ZCE
Products During 2021 Spring Festival Holidays
Zhengzhou Commodity Exchange
February 3, 2021
Notice on Night Trading Session during 2021 Spring Festival Holiday
To all members:
According to Detailed Rules for Trading in Night Session of Zhengzhou Commodity Exchange, the Exchange hereby clarifies night trading session arrangement during 2021 Spring Festival holiday as follows:
No night trading session will be carried out on the night of February 10, 2021. Night trading session will be resumed on the night of February 18, 2021. The call auction session for all contracts on February 18, 2021 is from 08:55 a.m. to 09:00 a.m.
All members are requested to remind clients of the night trading session arrangement in time.
Zhengzhou Commodity Exchange
February 3, 2021
Notice on Adjustments to Price Limits and Trading Margins During 2021 Spring Festival Holidays
Ref: No. 70 [2021] DCE
February 3, 2021
To all members:
According to the Measures for Risk Management of Dalian Commodity Exchange, Dalian Commodity Exchange (DCE) has decided upon discussion to make the following adjustments to the price limits and the trading margins for futures of each product before and after the 2021 Spring Festival holidays:
From the settlement on February 9 (Tuesday), 2021, the price limits of Iron Ore futures will be adjusted to 11%, the hedging trading margins will be adjusted to 11%, the speculation trading margins will remain 12% unchanged (the speculation trading margin of contract I2105 will remain 15% unchanged); the price limits of Corn futures will be adjusted to 8%, the hedging trading margins will be adjusted to 8%, the speculation trading margins will remain 11% unchanged; the price limits of Soybean Meal, Soybean Oil and Corn Starch futures will be adjusted to 8%, the hedging trading margins and speculation trading margins will be adjusted to 8% and 9%, respectively; the price limits and trading margins of other futures will remain unchanged.
After the trading is resumed on February 18 (Thursday), 2021, from the settlement of the first trading day when the situation that the one-direction non-continuous quotation under the price limit does not occur on the contract with the largest open interests of one product, the price limits and the trading margins of such product will be adjusted as follows:
The price limits of LLDPE, PP and PVC futures will be adjusted to 7%, the hedging trading margins and speculation trading margins will be adjusted to 7% and 8%, respectively; the price limits and trading margins of Iron Ore, Soybean Meal, Soybean Oil, Corn and Corn Starch futures will be restored to the standards before the adjustment; the price limits and the trading margins of other futures will remain unchanged.
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 Risk Parameters of Relevant Futures Products of DCE During 2021 Spring Festival Holidays
Product
Present
During the Holidays
After the Holidays
Price Limit
Trading Margin
Price Limit
Trading Margin
Price Limit
Trading Margin
Speculation
Hedging
Speculation
Hedging
Speculation
Hedging
Iron Ore
10%
12%
10%
11%
12%
11%
10%
12%
10%
Coke
10%
11%
10%
10%
11%
10%
10%
11%
10%
Coking Coal
10%
11%
10%
10%
11%
10%
10%
11%
10%
No.1 Soybean
8%
12%
8%
8%
12%
8%
8%
12%
8%
No.2 Soybean
8%
9%
8%
8%
9%
8%
8%
9%
8%
Soybean Meal
7%
8%
7%
8%
9%
8%
7%
8%
7%
Soybean Oil
7%
8%
7%
8%
9%
8%
7%
8%
7%
Palm Oil
8%
10%
8%
8%
10%
8%
8%
10%
8%
Corn
7%
11%
7%
8%
11%
8%
7%
11%
7%
Corn Starch
6%
7%
6%
8%
9%
8%
6%
7%
6%
Polished Round-grained Rice
5%
6%
5%
5%
6%
5%
5%
6%
5%
Egg
8%
9%
8%
8%
9%
8%
8%
9%
8%
Live Hog
8%
15%
8%
8%
15%
8%
8%
15%
8%
LLDPE
9%
11%
9%
9%
11%
9%
7%
8%
7%
PP
9%
11%
9%
9%
11%
9%
7%
8%
7%
PVC
8%
9%
8%
8%
9%
8%
7%
8%
7%
Ethylene Glycol
9%
11%
9%
9%
11%
9%
9%
11%
9%
Ethenylbenzene
11%
12%
11%
11%
12%
11%
11%
12%
11%
LPG
10%
11%
10%
10%
11%
10%
10%
11%
10%
Fiberboard
5%
10%
10%
5%
10%
10%
5%
10%
10%
Blockboard
5%
40%
40%
5%
40%
40%
5%
40%
40%
As the 2021 Spring Festival holidays are coming and large fluctuations have been recorded in the market recently, all members are required to send risk alerts to the clients and intensify the prevention of market risks, so as to ensure the smooth market operation.
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