关于2025年劳动节期间调整部分期货合约交易保证金标准和涨跌停板幅度的通知
郑商函〔2025〕313号
各会员单位：
根据《郑州商品交易所期货交易风险控制管理办法》第八条规定，经研究决定，对2025年劳动节期间部分期货合约交易保证金标准和涨跌停板幅度作出如下调整：
一、自2025年4月29日结算时起，菜粕、菜油、苹果、玻璃和纯碱期货合约的交易保证金标准为12%，涨跌停板幅度为10%，其中苹果期货2505合约的交易保证金标准为13%；白糖、棉花、花生、PTA、甲醇、硅铁、锰硅、尿素、对二甲苯和烧碱期货合约的交易保证金标准为10%，涨跌停板幅度为9%；短纤和瓶片期货合约的交易保证金标准为9%，涨跌停板幅度为8%；棉纱期货合约的交易保证金标准为7%，涨跌停板幅度为6%。
二、2025年5月6日恢复交易后，自品种持仓量最大的合约未出现涨跌停板单边市的第一个交易日结算时起，纯碱期货合约的交易保证金标准为9%，涨跌停板幅度为8%；硅铁期货合约的交易保证金标准为8%，涨跌停板幅度为7%；其他品种期货合约的交易保证金标准和涨跌停板幅度恢复至调整前水平。
按规则规定执行的交易保证金标准和涨跌停板幅度高于上述标准的，仍按相关规定执行。
请各会员单位加强资金和持仓风险管理，提醒投资者强化风险意识，加强风险防范。
特此通知。
附件：2025年劳动节期间交易保证金标准和涨跌停板幅
度调整情况
郑州商品交易所
2025年4月24日
附 件
2025年劳动节期间交易保证金标准和涨跌停板幅度调整情况
品种/合约 | 调整前 （交易保证金标准/涨跌停板幅度） | 4月29日结算时起 （交易保证金标准/ 涨跌停板幅度） | 5月6日恢复交易 （交易保证金标准/ 涨跌停板幅度） |
苹果 | 10%/9%（苹果2505合约为13%/10%） | 12%/10%（苹果2505合约保证金为13%） | 恢复至调整前水平 |
玻璃 | 10%/9%（玻璃2505合约为12%/10%） | 12%/10% | 恢复至调整前水平 |
纯碱 | 10%/9% | 12%/10% | 9%/8% |
菜粕 | 7%/6%（菜粕2505合约板幅为8%，菜粕2507、2508、2509、2511、2601及2603合约为10%/8%） | 12%/10% | 恢复至调整前水平 |
菜油 | 7%/6%（菜油2505合约板幅为8%，菜油2507、2509、2511、2601及2603合约为9%/8%） | 12%/10% | 恢复至调整前水平 |
硅铁 | 9%/8% | 10%/9% | 8%/7% |
锰硅 | 9%/8% | 10%/9% | 恢复至调整前水平 |
花生 | 8%/7% | 10%/9% | 恢复至调整前水平 |
甲醇 | 8%/7% | 10%/9% | 恢复至调整前水平 |
尿素 | 8%/7% | 10%/9% | 恢复至调整前水平 |
烧碱 | 8%/7% | 10%/9% | 恢复至调整前水平 |
对二甲苯 | 8%/7%（对二甲苯2505合约板幅为8%，对二甲苯2506、2507、2508及2509合约为9%/8%） | 10%/9% | 恢复至调整前水平 |
白糖 | 7%/6% | 10%/9% | 恢复至调整前水平 |
棉花 | 7%/6% | 10%/9% | 恢复至调整前水平 |
PTA | 7%/6%（PTA2505合约板幅为7%，PTA2506、2507、2508及2509为8%/7%） | 10%/9% | 恢复至调整前水平 |
短纤 | 7%/6% | 9%/8% | 恢复至调整前水平 |
瓶片 | 7%/6% | 9%/8% | 恢复至调整前水平 |
棉纱 | 5%/4% | 7%/6% | 恢复至调整前水平 |
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% |