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Notice on Adjustments to Price Limits and Trading Margins During 2020 International Labor Day Holidays

Date:24 April 2020
- = +

Our Ref: No. 173 [2020] DCE

April 24, 2020

Dalian Commodity Exchange

To member entities:

According to the Measures for Risk Management of Dalian Commodity Exchange, Dalian Commodity Exchange (DCE) has decided upon discussion to make the following adjustments to the price limits and the trading margins for futures contracts of each product before and after the 2020 International Labor Day Holidays:

From the settlement on April 29 (Wednesday), 2020, the price limits of iron ore, coke, coking coal and PVC futures will be adjusted to 8%, the hedging trading margins and speculation trading margins will be adjusted to 8% and 9%, respectively; the price limits of LLDPE futures will be adjusted to 9%, the hedging trading margins and speculation trading margins will be adjusted to 9% and 11%, respectively; the price limits of LPG futures will be adjusted to 10%, the hedging trading margins and speculation trading margins will be adjusted to 10% and 11%, respectively; the price limits of EB futures will be adjusted to 11%, the hedging trading margins and speculation trading margins will be adjusted to 11% and 12%, respectively; the price limits of soybean oil and RBD palm olein futures will be adjusted to 9%, the hedging trading margins and speculation trading margins will be adjusted to 9% and 10%, respectively; the price limits of blockboard futures will remain unchanged, the hedging trading margins and speculation trading margins will all be adjusted to 40%; the price limits and the trading margins of No.1 soybean, No.2 soybean, soybean meal, corn, corn starch, polished round-grained rice, egg, PP, EG and fiberboard futures will remain unchanged.

After the trading is resumed on May 6, 2020 (Wednesday), from the settlement of the first trading day when the situation that the one-direction non-continuous quotation under the price limit does not occur on the contract with the largest open interests of one product, the price limits and the trading margins of such product will be adjusted as follows:

The price limits of soybean oil and RBD palm olein futures shall be restored to 7%, the hedging trading margins and speculation trading margins shall be restored to 7% and 8%, respectively; the price limits and the trading margins of iron ore, coke, coking coal, LLDPE, PVC, LPG, EB and blockboard futures shall remain unchanged as the same standard  during the International Labor Day Holidays, and shall not be restored to the standard before the International Labor Day Holidays; the price limits and the trading margins of No.1 soybean, No.2 soybean, soybean meal, corn, corn starch, polished round-grained rice, egg, PP, EG and fiberboard futures shall remain unchanged.

If the above adjusted price limits and the trading margins are not consistent with the existing ones, the higher one of the two shall prevail.

Sheet: Adjustments to Risk Parameters of Relevant Products During and After 2020 International Labor Day Holidays

Product

Present

During International Labor Day Holidays

After International Labor Day Holidays

Price Limit

Trading Margin

Price Limit

Trading Margin

Price Limit

Trading Margin

Speculation

Hedging

Speculation

Hedging

Speculation

Hedging

Iron Ore

7%

8%

7%

8%

9%

8%

8%

9%

8%

Metallurgical Coke

7%

8%

7%

8%

9%

8%

8%

9%

8%

Coking Coal

7%

8%

7%

8%

9%

8%

8%

9%

8%

No.1 Soybean

7%

8%

7%

7%

8%

7%

7%

8%

7%

No.2 Soybean

7%

8%

7%

7%

8%

7%

7%

8%

7%

Soybean Meal

7%

8%

7%

7%

8%

7%

7%

8%

7%

Soybean Oil

7%

8%

7%

9%

10%

9%

7%

8%

7%

RBD Palm Olein

7%

8%

7%

9%

10%

9%

7%

8%

7%

Corn

5%

6%

5%

5%

6%

5%

5%

6%

5%

Corn Starch

5%

6%

5%

5%

6%

5%

5%

6%

5%

Polished Round-grained Rice

5%

6%

5%

5%

6%

5%

5%

6%

5%

Egg

6%

7%

6%

6%

7%

6%

6%

7%

6%

LLDPE

7%

8%

7%

9%

11%

9%

9%

11%

9%

PP

9%

11%

9%

9%

11%

9%

9%

11%

9%

PVC

7%

8%

7%

8%

9%

8%

8%

9%

8%

EG

9%

11%

9%

9%

11%

9%

9%

11%

9%

EB

9%

11%

9%

11%

12%

11%

11%

12%

11%

LPG

7%

8%

7%

10%

11%

10%

10%

11%

10%

Fiberboard

5%

10%

10%

5%

10%

10%

5%

10%

10%

Blockboard

5%

20%

20%

5%

40%

40%

5%

40%

40%

As the 2020 International Labor Day Holidays are coming and large fluctuations have been recorded in the market recently, all member entities are required to send risk alerts to the clients and intensify the prevention of market risks, so as to ensure the smooth market operation.

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.

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