Shanghai Futures Exchange Tightens Rules Amid Precious Metals Surge
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The Shanghai Futures Exchange will raise margin requirements and widen daily price limits for gold, silver, copper and aluminum futures contracts starting this week, in an effort to rein in risk amid a sharp rally in precious metals.
Effective from the Jan. 22 settlement, the SFE and its affiliate, the Shanghai International Energy Exchange, will impose tighter trading parameters on these key contracts. The international copper contract will be subject to the same restrictions. This is the second regulatory intervention this month in the silver market, following earlier adjustments to trading fees, limits and margin requirements.
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- The Shanghai Futures Exchange will raise margin requirements and widen price limits for gold, silver, copper, and aluminum futures from Jan. 22, 2026, due to sharp price rallies.
- Gold futures on COMEX hit $4,742.9/oz (up 9%) and silver $95.78/oz (up 35%) in early 2026; copper saw volatility linked to a misreported demand forecast.
- Global silver inventories rose by 5,000 tons in 2025, but China’s stocks dropped by 1,200 tons; geopolitical tensions and tariff uncertainties drive hoarding.
- China International Capital Corp.
- China International Capital Corp. (CICC) highlighted the "mismatch in regional inventories and unresolved tariff-related risks" as the core issue affecting silver. This was mentioned in a note from the company, shedding light on the factors influencing the turbulent commodities market.
- Hangzhou Bank
- Analysts at Hangzhou Bank have observed unusual activity in the January 2026 COMEX silver contract in New York. They noted significant physical delivery and buying, which suggests investors are bypassing standard rollover strategies to secure physical metal due to aggressive delivery squeezes.
- CITIC Futures
- Zhu Shanying, an analyst at CITIC Futures, commented on the Trump administration's 180-day freeze on critical mineral tariffs. She believes this pause might temporarily reduce anxiety, but underlying structural risks persist, indicating that elevated prices are likely to continue.
- Before 2026：
- Global silver exchange inventories rose by nearly 5,000 tons in 2025, largely due to precautionary stockpiling at COMEX in anticipation of potential trade disruptions.
- January 2026：
- Shanghai Futures Exchange introduced earlier adjustments to trading fees, limits, and margin requirements in the silver market.
- By January 2026：
- SFE and Shanghai Gold Exchange saw combined net outflows of more than 1,200 tons of silver inventories on the Chinese mainland.
- First three weeks of 2026：
- Commodities markets surged, with COMEX gold futures rising nearly 9% to $4,742.9/oz and silver jumping about 35% to $95.78/oz. Copper experienced volatile trading.
- January 14, 2026：
- The Trump administration announced a 180-day freeze on tariffs for critical minerals.
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