关于2025年国庆节、中秋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〕735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年国庆节、中秋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9月29日结算时起，苹果、玻璃、纯碱期货合约的交易保证金标准为12%，涨跌停板幅度为10%；菜粕、红枣、硅铁、锰硅、烧碱期货合约的交易保证金标准为10%，涨跌停板幅度为9%；白糖、棉花、菜油、花生、PTA、甲醇、尿素、短纤、对二甲苯、瓶片、丙烯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6%，涨跌停板幅度为5%。
二、2025年10月9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，白糖期货合约的交易保证金标准为6%，涨跌停板幅度为5%；花生、甲醇、对二甲苯及丙烯期货合约的交易保证金标准为7%，涨跌停板幅度为6%；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年国庆节、中秋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9月24日
附 件
2025年国庆节、中秋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） | 9月29日结算时起 （交易保证金标准/涨跌停板幅度） | 10月9日恢复交易 （交易保证金标准/涨跌停板幅度） |
苹果 | 10%/9% | 12%/10% | 恢复至调整前水平 |
玻璃 | 10%/9% | 12%/10% | |
纯碱 | 9%/8% | 12%/10% | |
菜粕 | 7%/6%（菜粕2511、2601、2603合约为10%/8%） | 10%/9% | |
红枣 | 9%/8% | 10%/9% | |
硅铁 | 8%/7% | 10%/9% | |
锰硅 | 9%/8% | 10%/9% | |
烧碱 | 8%/7% | 10%/9% | |
棉花 | 7%/6% | 9%/8% | |
菜油 | 7%/6%（菜油2511、2601、2603合约为9%/8%） | 9%/8% | |
PTA | 7%/6% | 9%/8% | |
尿素 | 8%/7% | 9%/8% | |
短纤 | 7%/6% | 9%/8% | |
瓶片 | 7%/6% | 9%/8% | |
白糖 | 7%/6% | 9%/8% | 调整至6%/5% |
花生 | 8%/7% | 9%/8% | 调整至7%/6% |
甲醇 | 8%/7% | 9%/8% | |
对二甲苯 | 8%/7% | 9%/8% | |
丙烯 | 8%/7% | 9%/8% | |
棉纱 | 5%/4% | 6%/5% | 恢复至调整前水平 |
Notice on Adjustments to Margins and Price Limits of ZCE Products during 2025 National Day Holidays and Mid-Autumn Festival
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 contracts as follows:
From the settlement on September 29, 2025, margins and price limits of Apple, Glass, Soda Ash futures will be adjusted to 12% and 10% respectively. Rapeseed Meal, Dried Jujube, Ferrosilicon, Manganese Silicon, Sodium Hydroxide futures contracts will be adjusted to 10% and 9% respectively. White Sugar, Cotton, Rapeseed Oil, Peanut Kernel, Purified Terephthalic Acid, Methanol, Urea, Polyester Staple Fiber, Paraxylene, Polyethylene Terephthalate Resin For Bottles, Propylene futures contracts will be adjusted to 9% and 8% respectively. Margins and price limits of Cotton Yarn futures contracts will be adjusted to 6% and 5% respectively.
Trading will be resumed on October 9, 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 White Sugar futures will be 6% and 5% respectively; margins and price limits of Peanut Kernel, Methanol, Paraxylene, Propylene futures contracts will be 7% and 6% 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 ones will prevail.
All members are required to strengthen capital and position risks management, and to remind clients to improve risk awareness.
Zhengzhou Commodity Exchange
September 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 National Day Holidays and Mid-Autumn Festival
Futures Contracts | Present (margin/price limit) | From the settlement on September 29th (margin/price limit) | Since October 9th (margin/price limit) |
Apple | 10%/9% | 12%/10% | restored to standards before the adjustments |
Glass | 10%/9% | 12%/10% | |
Soda Ash | 9%/8% | 12%/10% | |
Rapeseed Meal | 7%/6%（Margins and price limits of RM2511, 2601, 2603 are 10%/8%） | 10%/9% | |
Dried Jujube | 9%/8% | 10%/9% | |
Ferrosilicon | 8%/7% | 10%/9% | |
Manganese Silicon | 9%/8% | 10%/9% | |
Sodium Hydroxide | 8%/7% | 10%/9% | |
Cotton | 7%/6% | 9%/8% | |
Rapeseed Oil | 7%/6%（Margins and price limits of OI2511, 2601, 2603 are 9%/8%） | 9%/8% | |
Purified Terephthalic Acid | 7%/6% | 9%/8% | |
Urea | 8%/7% | 9%/8% | |
Polyester Staple Fiber | 7%/6% | 9%/8% | |
Polyethylene Terephthalate Resin | 7%/6% | 9%/8% | |
White Sugar | 7%/6% | 9%/8% | 6%/5% |
Peanut Kernel | 8%/7% | 9%/8% | 7%/6% |
Methanol | 8%/7% | 9%/8% | |
Paraxylene | 8%/7% | 9%/8% | |
Propylene | 8%/7% | 9%/8% | |
Cotton Yarn | 5%/4% | 6%/5% | restored to standards before the adjustments |