關(guān)于2025年勞動節(jié)期間調(diào)整部分期貨合約交易保證金標準和漲跌停板幅度的通知
鄭商函〔2025〕313號
各會員單位：
根據(jù)《鄭州商品交易所期貨交易風(fēng)險控制管理辦法》第八條規(guī)定，經(jīng)研究決定，對2025年勞動節(jié)期間部分期貨合約交易保證金標準和漲跌停板幅度作出如下調(diào)整：
一、自2025年4月29日結(jié)算時起，菜粕、菜油、蘋果、玻璃和純堿期貨合約的交易保證金標準為12%，漲跌停板幅度為10%，其中蘋果期貨2505合約的交易保證金標準為13%；白糖、棉花、花生、PTA、甲醇、硅鐵、錳硅、尿素、對二甲苯和燒堿期貨合約的交易保證金標準為10%，漲跌停板幅度為9%；短纖和瓶片期貨合約的交易保證金標準為9%，漲跌停板幅度為8%；棉紗期貨合約的交易保證金標準為7%，漲跌停板幅度為6%。
二、2025年5月6日恢復(fù)交易后，自品種持倉量最大的合約未出現(xiàn)漲跌停板單邊市的第一個交易日結(jié)算時起，純堿期貨合約的交易保證金標準為9%，漲跌停板幅度為8%；硅鐵期貨合約的交易保證金標準為8%，漲跌停板幅度為7%；其他品種期貨合約的交易保證金標準和漲跌停板幅度恢復(fù)至調(diào)整前水平。
按規(guī)則規(guī)定執(zhí)行的交易保證金標準和漲跌停板幅度高于上述標準的，仍按相關(guān)規(guī)定執(zhí)行。
請各會員單位加強資金和持倉風(fēng)險管理，提醒投資者強化風(fēng)險意識，加強風(fēng)險防范。
特此通知。
附件：2025年勞動節(jié)期間交易保證金標準和漲跌停板幅
度調(diào)整情況
鄭州商品交易所
2025年4月24日
附 件
2025年勞動節(jié)期間交易保證金標準和漲跌停板幅度調(diào)整情況
品種/合約 | 調(diào)整前 （交易保證金標準/漲跌停板幅度） | 4月29日結(jié)算時起 （交易保證金標準/ 漲跌停板幅度） | 5月6日恢復(fù)交易 （交易保證金標準/ 漲跌停板幅度） |
蘋果 | 10%/9%（蘋果2505合約為13%/10%） | 12%/10%（蘋果2505合約保證金為13%） | 恢復(fù)至調(diào)整前水平 |
玻璃 | 10%/9%（玻璃2505合約為12%/10%） | 12%/10% | 恢復(fù)至調(diào)整前水平 |
純堿 | 10%/9% | 12%/10% | 9%/8% |
菜粕 | 7%/6%（菜粕2505合約板幅為8%，菜粕2507、2508、2509、2511、2601及2603合約為10%/8%） | 12%/10% | 恢復(fù)至調(diào)整前水平 |
菜油 | 7%/6%（菜油2505合約板幅為8%，菜油2507、2509、2511、2601及2603合約為9%/8%） | 12%/10% | 恢復(fù)至調(diào)整前水平 |
硅鐵 | 9%/8% | 10%/9% | 8%/7% |
錳硅 | 9%/8% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
花生 | 8%/7% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
甲醇 | 8%/7% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
尿素 | 8%/7% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
燒堿 | 8%/7% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
對二甲苯 | 8%/7%（對二甲苯2505合約板幅為8%，對二甲苯2506、2507、2508及2509合約為9%/8%） | 10%/9% | 恢復(fù)至調(diào)整前水平 |
白糖 | 7%/6% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
棉花 | 7%/6% | 10%/9% | 恢復(fù)至調(diào)整前水平 |
PTA | 7%/6%（PTA2505合約板幅為7%，PTA2506、2507、2508及2509為8%/7%） | 10%/9% | 恢復(fù)至調(diào)整前水平 |
短纖 | 7%/6% | 9%/8% | 恢復(fù)至調(diào)整前水平 |
瓶片 | 7%/6% | 9%/8% | 恢復(fù)至調(diào)整前水平 |
棉紗 | 5%/4% | 7%/6% | 恢復(fù)至調(diào)整前水平 |
Notice on Adjustments to Margins and Price Limits of ZCE Products during 2025 Labor Day Holidays
To Members:
According to Article 8 of the Risk Control Rules of Zhengzhou Commodity Exchange, Zhengzhou Commodity Exchange (ZCE) hereby adjusts margins and price limits of some futures as follows:
From the settlement on April 29, 2025, margins and price limits of Rapeseed Meal, Rapeseed Oil, Apple, Glass, Soda Ash futures will be adjusted to 12% and 10% respectively. In which, margin of AP2505 will be 13%. Margins and price limits of White Sugar, Cotton, Peanut Kernel, Purified Terephthalic Acid, Methanol, Ferrosilicon, Manganese Silicon, Urea, Paraxylene and Sodium Hydroxide futures will be adjusted to 10% and 9% respectively. Margins and price limits of Polyester Staple Fiber and Polyethylene Terephthalate Resin For Bottles futures will be adjusted to 9% and 8% respectively. Margins and price limits of Cotton Yarn will be adjusted to 7% and 6% respectively.
Trading will be resumed on May 6, 2025. 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 Soda Ash will be 9% and 8% respectively; margins and price limits of Ferrosilicon will be 8% and 7% respectively; margins and price limits of other futures contracts 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.
Zhengzhou Commodity Exchange
April 24, 2025
Disclaimer: This English version may be used for reference only. If there is any discrepancy between the English version and the Chinese version, the Chinese version shall prevail.
Attachment
Adjustments of Margins and Price Limits of ZCE Products During 2025 Labor Day Holidays
Futures Contracts | Present (margin/price limit) | From the settlement on February 7th (margin/price limit) | Since February 19th (margin/price limit) |
Apple | 10%/9% (Margin and price limit of AP2505 is 13%/10%) | 12%/10% (Margin of AP2505 will be 13%) | restored to standards before the adjustments |
Glass | 10%/9% (Margin and price limit of FG2505 is 12%/10%) | 12%/10% | |
Soda Ash | 10%/9% | 12%/10% | 9%/8% |
Rapeseed Meal | 7%/6% (Price limit of RM2505 is 8%, margins and price limits of RM2507, RM2508, RM2509, RM2511, RM2601, RM2603 are 10%/8%) | 12%/10% | restored to standards before the adjustments |
Rapeseed Oil | 7%/6% (Price limit of OI2505 is 8%, margins and price limits of OI2507, OI2509, OI2511, OI2601, OI2603 are 9%/8%) | 12%/10% | |
Ferrosilicon | 9%/8% | 10%/9% | 8%/7% |
Manganese Silicon | 9%/8% | 10%/9% | restored to standards before the adjustments |
Peanut Kernel | 8%/7% | 10%/9% | |
Methanol | 8%/7% | 10%/9% | |
Urea | 8%/7% | 10%/9% | |
Sodium Hydroxide | 8%/7% | 10%/9% | |
Paraxylene | 8%/7% (Price limit of PX2505 is 8%, margins and price limits of PX2506, PX2507, PX2508, PX2509 are 9%/8%) | 10%/9% | |
Sugar | 7%/6% | 10%/9% | |
Cotton | 7%/6% | 10%/9% | |
Purified Terephthalic Acid | 7%/6% (Price limit of TA2505 is 7%, margins and price limits of TA2506, TA2507, TA2508, TA2509 are 8%/7%) | 10%/9% | |
Polyester Staple Fiber | 7%/6% | 9%/8% | |
Polyethylene Terephthalate Resin For Bottles | 7%/6% | 9%/8% | |
Cotton Yarn | 5%/4% | 7%/6% |