Futures trading hedging rules slightly adjusted, new changes in silver contract delivery month position limits

GetRichLeek · 2026-02-28T20:23:46+00:00

The Shanghai Futures Exchange has recently optimized the hedging management rules for futures trading such as silver. Starting from February 2026, hedging transactions for silver will no longer be allowed to use the original quota as the delivery date approaches, aiming to prevent delivery risks. At the same time, margin requirements and price limit ranges for multiple contracts have also been adjusted to regulate market volatility and protect traders' rights and interests.

GetRichLeek

2026-02-28 20:23:46

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Shanghai Futures Exchange recently optimized the rules related to futures hedging management. According to the official announcement, starting from the last trading day of February 2026, the silver futures will implement a new hedging position limit management mechanism. This means hedging traders need to adjust their positions in advance before the delivery night.

How to Adjust Silver Hedging Position Limits

According to Article 13 of the “Shanghai Futures Exchange Hedging Trading Management Measures,” non-futures company members, overseas special non-broker participants, or clients engaging in silver hedging transactions will face significant changes.

Traders who previously held general month hedging limits will see these limits automatically reduced to zero as their positions approach the delivery month (i.e., the month before delivery and the delivery month itself). In other words, they will no longer be allowed to buy or sell directly using the original hedging limits during these critical periods.

The core purpose of this adjustment is to prevent delivery risks and ensure the smooth operation of the futures market. Hedging participants need to plan their funds and positions in advance to complete necessary adjustments before entering the delivery month.

Synchronized Optimization of Price Limit and Margin Standards for Other Contracts

In addition to the adjustments to silver hedging rules, the Shanghai Futures Exchange also unified the market parameters for copper, aluminum, lead, zinc, and alumina futures on February 9.

The price limit range has been adjusted from the previous standard to 10%, further regulating market volatility. Meanwhile, the margin ratio for hedging transactions has been adjusted to 11%, while the margin ratio for general positions has increased to 12%, reflecting a policy tilt toward hedging trades.

This coordinated adjustment across multiple contracts indicates that the Shanghai Futures Exchange continues to optimize its risk management mechanisms, aiming to control market risks while safeguarding the legitimate rights of hedging traders. It is crucial for institutions and individuals involved in futures trading to stay informed about these policy developments.

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