The Shanghai Futures Exchange has once again taken action, signaling a continued strengthening of regulatory measures. Today (January 27), the Shanghai Futures Exchange issued an announcement targeting clients suspected of failing to declare actual control relationships in tin and silver futures trading. Three groups comprising 18 clients have been restricted from opening new positions for one month and are also subject to withdrawal restrictions. Currently, market sentiment for precious metals and non-ferrous metals is highly elevated, with significantly increased volatility and a noticeable rise in trading risks. Just the previous day, the exchange had already imposed similar restrictive measures on some clients, while also adjusting trading limits for related silver and tin futures contracts, as well as modifying price fluctuation limits and trading margin requirements for copper and other futures contracts. The Shanghai Futures Exchange is persistently intensifying its regulatory measures. On January 27, the Shanghai Futures Exchange website released an announcement stating that three groups of 18 clients were found suspected of failing to declare actual control relationships in tin and silver futures trading. In accordance with the relevant provisions of the "Shanghai Futures Exchange Trading Rules" and the "Shanghai Futures Exchange Actual Control Relationship Account Management Measures," it was decided to impose regulatory measures on these clients, restricting them from opening new positions in tin and silver futures for one month and restricting fund withdrawals. Previously, on the 26th, the exchange announced that three groups of 16 clients, also suspected of failing to declare actual control relationships in tin and silver futures trading, were subjected to one-month restrictions on opening new positions and fund withdrawals. "The Shanghai Futures Exchange's continuous issuance of regulatory measure announcements sends a clear signal to the market of the exchange's zero-tolerance stance towards illegal and non-compliant behaviors," an industry insider commented. Following the market close on the 26th, the exchange also released multiple risk control announcements concerning recently volatile contracts such as silver, Shanghai tin, Shanghai copper, Shanghai aluminum, and international copper futures. Gu Fengda, Chief Analyst at Guosen Futures, cautioned that in the future, under the overarching consideration of strong regulation and risk prevention, it cannot be ruled out that regulators will continue to introduce a series of targeted measures. All market participants, especially individual investors, should thoroughly understand and strictly comply with the various exchange rules, participate prudently based on their own risk tolerance, and avoid irrational speculation under high leverage. Precious metals market enthusiasm remains high. Currently, the capital沉淀规模 for precious metals has reached 234.861 billion yuan, with the non-ferrous metals sector close behind at 124.510 billion yuan, making them the only two commodity futures sectors exceeding one hundred billion yuan. Looking at the capital沉淀规模 of specific products, gold leads with 136.966 billion yuan, silver follows with 98.519 billion yuan, and copper ranks third with 67.631 billion yuan. On January 27, amidst an overall outflow of funds from the commodity futures market, 3.1 billion yuan flowed into Shanghai silver futures, and 591 million yuan flowed into Shanghai tin futures, while Shanghai gold futures experienced an outflow of 2.5 billion yuan. The previous day, Shanghai silver futures saw a net inflow exceeding ten billion yuan. Clearly, market capital's enthusiasm for participating in precious metals and non-ferrous products remains relatively high. Data shows that the domestic Shanghai gold futures main 2604 contract has achieved a year-to-date gain of 17.47%, while the silver futures main 2604 contract has surged 65.75% year-to-date. In the A-share market, the Shenwan secondary sector index for precious metals has risen by 51.08%, leading the entire market. The gold stock ETF (159562), known as a gold price amplifier, has gained 38% so far this year, with its scale increasing 1.8 times in just four months to exceed 6.7 billion yuan. It is noteworthy that trading volumes, both in the futures market and related stock sectors, are continuously hitting new highs. As regulatory measures strengthen, market fervor may experience a correction. According to the Shanghai Futures Exchange requirements, starting from the trading session on January 27, 2026 (i.e., the night session of January 26), the trading limits for non-futures company members, overseas special non-broker participants, and clients in the listed contracts for silver and tin futures are adjusted as follows: the maximum intraday open position volume for silver futures contracts 2602 to 2701 is set at 800 lots; the maximum intraday open position volume for tin futures contracts 2602 to 2701 is set at 200 lots. Industry insiders remind that metal market sentiment has been highly elevated recently, with market trading activity significantly increased. Faced with such heated market conditions, participants should maintain a degree of calm and rationality, remaining vigilant against the risks of sharp volatility inherent in the current environment.
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