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Exchange Notice on Adjustments to Price Limits and Minimum Trading Margins during 2019 Mid-autumn Festival Holidays

2019-09-10
According to the Exchanges (SHFE, INE, DCE and ZCE), the followings are the trading notice during the Mid-autumn Festival Holidays for Year 2019:
 
Exchange Holidays Arrangement (SHFE, INE, DCE, ZCE)
There is no continuous trading on the night of September 12, 2019 (Thursday).
The market will be closed from September 13 (Friday) to September 15, 2019 (Sunday).
On September 16, 2019 (Monday), the call auction period for all futures and options contracts is 8:55 to 9:00 a.m., and the continuous trading will be resumed on the night of September 16, 2019 (Monday).
 
Trading Margin and Price Limit
SHFE
Since September 11, 2019 (Wednesday) and from the settlement time of the first trading day when the situation that no continuous quotes on one side at the price limit does not occur, the trading margin and price limits for next trading day will be adjusted as follows:
Nickel futures contracts: the trading margin will be adjusted to 10%, and the price limit will be adjusted to 8%;
Tin futures contracts: the trading margin will be adjusted to 8%, and the price limit will be adjusted to 6%;
Gold futures contracts: the trading margin will be adjusted to 6%, and the price limit will be adjusted to 5%;
Silver futures contracts: the trading margin will be adjusted to 7%, and the price limit will be adjusted to 6%.
 
Product Trading Margin Price Limit
Before Holiday During Holiday After Holiday Before Holiday During Holiday After Holiday
Nickel 8% 10% 10% 6% 8% 8%
Tin 7% 8% 8% 5% 6% 6%
Gold 5% 6% 6% 4% 5% 5%
Silver 6% 7% 7% 5% 6% 6%
 
 
 
In the case that the above adjusted trading margin rate and price limit vary from current trading margin and price limit, the higher ones will prevail. Other requirements regarding trading margin and price limit shall follow the Risk Management Rules of Shanghai Futures Exchange.
 
 
DCE
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 minimum trading margins of each product before and after the 2019 Mid-autumn Festival Holiday:
 
From the settlement on September 11, 2019 (Wednesday), the price limits and the minimum trading margins of Iron Ore will be adjusted to 8% and 10%, respectively; the price limits and the minimum trading margins of LLDPE and Corn Starch will be adjusted to 6% and 8%, respectively; the price limits and the minimum trading margins of Metallurgical Coke, Coking Coal, Fiberboard, Blockboard, Egg, No. 1 Soybean, No. 2 Soybean, Soybean Meal, Soybean Oil, RBD Palm Olein, Corn, Polished Round-grained Rice, PP, PVC and Ethylene Glycol will remain unchanged.
 
After the trading is resumed on September 16, 2019 (Monday), from the settlement time of the first trading day when the situation that no continuous quotes on one side at the price limit does not occur on the two contracts with the largest open interest at the same time, the price limits and the minimum margins of each product will be restored to the standards before the adjustment. Namely, the price limits and the minimum trading margins of Iron Ore shall be restored to 6% and 8%, respectively; the price limits and the minimum trading margins of LLDPE and Corn Starch shall be restored to 4% and 5%, respectively; the price limits and the minimum trading margin of Metallurgical Coke, Coking Coal, Fiberboard, Blockboard, Egg, No. 1 Soybean, No. 2 Soybean, Soybean Meal, Soybean Oil, RBD Palm Olein, Corn, Polished Round-grained Rice, PP, PVC and Ethylene Glycol shall remain unchanged.
 
As regards the contracts both meeting the requirements for adjusting the price limits and the minimum trading margins stipulated in the “Measures for Risk Management of Dalian Commodity Exchange”, their price limits and minimum trading margins shall be subject to the higher one provided by the Measures.
 
Sheet: Adjustments to Price Limits and Minimum Trading Margins during 2019 Mid-autumn Festival Holidays
Product Before (After) Adjustment During Mid-autumn Festival Holidays
Price Limit Minimum Trading Margin Price Limit Minimum Trading Margin
Iron Ore 6% 8% 8% 10%
Metallurgical Coke 6% 8% 6% 8%
Coking Coal 6% 8% 6% 8%
No. 1 Soybean 4% 5% 4% 5%
No. 2 Soybean 4% 5% 4% 5%
Soybean Meal 4% 5% 4% 5%
Soybean Oil 4% 5% 4% 5%
RBD Palm Olein 4% 5% 4% 5%
Corn 4% 5% 4% 5%
Corn Starch 4% 5% 6% 8%
Polished Round-grained Rice 4% 5% 4% 5%
Egg 5% 7% 5% 7%
LLDPE 4% 5% 6% 8%
PP 4% 5% 4% 5%
PVC 4% 5% 4% 5%
Ethylene Glycol 5% 6% 5% 6%
Fiberboard 5% 20% 5% 20%
Blockboard 5% 20% 5% 20%
As the 2019 Mid-autumn Festival is coming, the member entities are required to send risk alerts to the clients and intensify the prevention of market risks, so as to ensure the smooth market operation.