Shanghai International Energy Exchange has released its Circular on Trading Adjustments for the Spring Festival 2025 as follows:

In accordance with the Trading Schedule during National Holidays for Year 2025, Shanghai International Energy Exchange (hereinafter referred to as “INE”) hereby notifies the trading adjustments for the Spring Festival 2025 as follows:

1. The market will be closed from 3:00 p.m. of Jan 27, 2025 to Feb 4, 2025.

The market will resume trading on Feb 5, 2025 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day.

2. As from Jan 24, 2025, INE will adjust the price limits and the trading margin rates for the contracts listed below when the daily clearing process begins:

The price limits of Bonded Copper futures contracts will be ±10% from the settlement price of that day, the trading margin rates for hedging will be 11% of the contract value, and the trading margin rates for speculative trading will be 12% of the contract value.

The price limits of Crude Oil and Low Sulfur Fuel Oil futures contracts will be ±10% from the settlement price of that day, the trading margin rates for hedging will be 11% of the contract value, and the trading margin rates for speculative trading will be 12% of the contract value.

The price limits of TSR 20 futures contracts will be ±9% from the settlement price of that day, the trading margin rates for hedging will be 10% of the contract value, and the trading margin rates for speculative trading will be 11% of the contract value.

The price limits of Containerized Freight Index (Europe Service) futures contracts will be ±20% from the settlement price of that day, the trading margin rates will be 22% of the contract value.

In case of the situation stipulated in Article 16 of the Risk Management Rules of the Shanghai International Energy Exchange, the trading margin rates and the price limits will be adjusted on the basis of the above mentioned parameters.

3. The market will resume trading on Feb 5, 2025. As from the first trading day without a Limit-locked market, INE will adjust the price limits and the trading margin rates for the contracts listed below when the daily clearing process begins:

The price limits and the trading margin rates for all futures contracts will return to their original levels.

Please refer to the Risk Management Rules of the Shanghai International Energy Exchange for implementing other provisions concerning the trading margins and the price limits.

All Members, Overseas Special Participants and Overseas Intermediaries shall manage risks in a sound manner to ensure the smooth functioning of the market.

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Appendix: The Adjustments of Trading Margin Rates and Price Limits of Futures Contracts for the Spring Festival 2025

Shanghai International Energy Exchange
January 22, 2025