According to the rising and falling direction, there are two situations, one is the daily limit and the other is the daily limit. Under the price limit system, the settlement price of the previous trading day plus the maximum allowable increase constitutes the upper limit of the price increase of that day.
The settlement price of the previous trading day MINUS the maximum allowable decline constitutes the lower limit of the price decline, which is called the daily limit price. The price limit of futures trading is generally around 5%, but the price of the price limit is different according to the fluctuation range of each variety.
Calculation of futures price limit:
First, the futures exchange implements the price limit system, and the exchange sets the daily maximum price fluctuation range of each futures contract.
Second, when futures contracts are closed at the daily limit price, the closing priority and time priority principles apply, but the closing priority principle does not apply to new positions opened on the same day.
Three, up (down) stop unilateral discontinuous quotation (hereinafter referred to as the unilateral market), refers to the futures contract with a buy (sell) declaration and only a stop price, a sell (buy) declaration and no stop price, or a sell (buy) declaration and a deal, but no stop price is offered within 5 minutes before the closing of a trading day. Unilateral market in the same direction is called unilateral market when there is no continuous quotation on one side of the stop-loss board in the same direction for two consecutive trading days; On the next trading day after the appearance of unilateral quotation, there is no continuous quotation in the reverse direction, which is called reverse unilateral quotation.
4. When a futures contract has a unilateral market on a certain trading day (this trading day is called Dl trading day, and the subsequent trading days are called D2, D3, D4, D5 and D6 trading days respectively), the trading margin of this contract is adjusted as follows when it is settled on D 1 trading day:
The trading margin ratio of copper futures contracts is 7%, and those that have received more than 7% will be charged according to the original ratio;
The trading margin ratio of aluminum futures contracts is 7%, and those that have received more than 7% will be charged according to the original ratio; The trading margin ratio of natural rubber futures contracts is 7%, and if the charging ratio is higher than 7%, it will be charged according to the original ratio;
The trading margin ratio of fuel oil futures contracts is 10%, and those with a charge ratio higher than 10% will be charged according to the original ratio.
On the D2 trading day, the price of copper futures contracts is limited to 5%, aluminum futures contracts to 5%, natural rubber futures contracts to 6% and fuel oil futures contracts to 7%.
Fifth, if there is no unilateral market for futures contracts on D2 trading day, that is, the fluctuation range of copper futures contracts is less than 5%, aluminum futures contracts is less than 5%, natural rubber futures contracts are less than 6%, and fuel oil futures contracts are less than 7%, then the ratio of fluctuation range to trading margin will return to normal level on D3 trading day.
If there is a unilateral market in the opposite direction on D2 trading day, it will be regarded as the beginning of a new round of unilateral market, and the day will be regarded as Dl trading day. The trading margin and price limit of the next day shall be implemented with reference to Article 4 above.
If there is a unilateral market in the same direction on the D2 trading day, the trading margin of the contract will be adjusted as follows at the closing and settlement of the day: the trading margin ratio of copper futures contracts is 9%, and those with a charging ratio higher than 9% will be charged according to the original ratio; The trading margin ratio of aluminum futures contracts is 9%, and if the charging ratio is higher than 9%, it will be charged according to the original ratio; The trading margin ratio of natural rubber futures contracts is 9%, and if the charging ratio is higher than 9%, it will be charged according to the original ratio; The trading margin ratio of fuel oil futures contracts is l5%, and those with a charge ratio higher than 15% are charged according to the original ratio. On D3 trading day, the daily limit of copper futures contract, aluminum futures contract, natural rubber futures contract and fuel oil futures contract is 6%, 6% and 10% respectively.
Sixth, if there is no unilateral market in D3 trading day, that is, the fluctuation range of copper futures contract is less than 6%, aluminum futures contract is less than 6%, natural rubber futures contract is less than 6%, and fuel oil futures contract is less than 10%, then the ratio of price limit to trading margin will return to normal level in D4 trading day.