關于2025年國慶節、中秋節期間調整部分期貨合約交易保證金標準和漲跌停板幅度的通知
鄭商函〔2025〕735號
各會員單位：
根據《鄭州商品交易所期貨交易風險控制管理辦法》第八條規定，經研究決定，對2025年國慶節、中秋節期間部分期貨合約交易保證金標準和漲跌停板幅度作出如下調整：
一、自2025年9月29日結算時起，蘋果、玻璃、純堿期貨合約的交易保證金標準為12%，漲跌停板幅度為10%；菜粕、紅棗、硅鐵、錳硅、燒堿期貨合約的交易保證金標準為10%，漲跌停板幅度為9%；白糖、棉花、菜油、花生、PTA、甲醇、尿素、短纖、對二甲苯、瓶片、丙烯期貨合約的交易保證金標準為9%，漲跌停板幅度為8%；棉紗期貨合約的交易保證金標準為6%，漲跌停板幅度為5%。
二、2025年10月9日恢復交易后，自品種持倉量最大的合約未出現漲跌停板單邊市的第一個交易日結算時起，白糖期貨合約的交易保證金標準為6%，漲跌停板幅度為5%；花生、甲醇、對二甲苯及丙烯期貨合約的交易保證金標準為7%，漲跌停板幅度為6%；其他品種期貨合約的交易保證金標準和漲跌停板幅度恢復至調整前水平。
按規則規定執行的交易保證金標準和漲跌停板幅度高于上述標準的，仍按相關規定執行。
請各會員單位加強資金和持倉風險管理，提醒投資者強化風險意識，加強風險防范。
特此通知。
附件：2025年國慶節、中秋節期間交易保證金標準和漲跌停板幅度調整情況
鄭州商品交易所
2025年9月24日
附 件
2025年國慶節、中秋節期間交易保證金標準和漲跌停板幅度調整情況
品種/合約 | 調整前 （交易保證金標準/漲跌停板幅度） | 9月29日結算時起 （交易保證金標準/漲跌停板幅度） | 10月9日恢復交易 （交易保證金標準/漲跌停板幅度） |
蘋果 | 10%/9% | 12%/10% | 恢復至調整前水平 |
玻璃 | 10%/9% | 12%/10% | |
純堿 | 9%/8% | 12%/10% | |
菜粕 | 7%/6%（菜粕2511、2601、2603合約為10%/8%） | 10%/9% | |
紅棗 | 9%/8% | 10%/9% | |
硅鐵 | 8%/7% | 10%/9% | |
錳硅 | 9%/8% | 10%/9% | |
燒堿 | 8%/7% | 10%/9% | |
棉花 | 7%/6% | 9%/8% | |
菜油 | 7%/6%（菜油2511、2601、2603合約為9%/8%） | 9%/8% | |
PTA | 7%/6% | 9%/8% | |
尿素 | 8%/7% | 9%/8% | |
短纖 | 7%/6% | 9%/8% | |
瓶片 | 7%/6% | 9%/8% | |
白糖 | 7%/6% | 9%/8% | 調整至6%/5% |
花生 | 8%/7% | 9%/8% | 調整至7%/6% |
甲醇 | 8%/7% | 9%/8% | |
對二甲苯 | 8%/7% | 9%/8% | |
丙烯 | 8%/7% | 9%/8% | |
棉紗 | 5%/4% | 6%/5% | 恢復至調整前水平 |
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 |