On December 1, the Guangzhou Stock Exchange issued a notice to adjust the margin standard and trading limit of polysilicon futures PS2601 contract.
Since the settlement on December 3, 2025, the margin standard for speculative trading of polysilicon futures PS2601 contract has been adjusted to 13% , and the margin standard for hedging trading has been adjusted to 12% .
From the time of trading on December 3, 2025, members or clients of non-futures companies shall not open more than 500 positions on the polysilicon futures PS2601 contract in a single day. The amount of open positions in a single day refers to the sum of the amount of open buying positions and the amount of open selling positions of members or clients of non-futures companies on a single contract on that day. The number of positions opened in a single day for hedging transactions and market-making transactions is not subject to the above standards. Accounts with actual control relationship shall be managed as one account.
If the above trading margin standard is different from the current trading margin standard, the higher of the two standards shall prevail .
Jianxin Futures pointed out that Guangqi raised the speculative margin of PS 2601 contract to 13% and the hedging margin to 12%, and limited the daily opening to 500 hands, aiming to curb the squeeze and excessive speculation in recent months and reduce the risk of volatility. In the short term, speculative funds will be constrained, the heat of contract trading in recent months will cool down, price fluctuations will converge, and positions will gradually decline. In the medium and long term, the adjustment of rules does not change the supply and demand fundamentals of the industry, and the price of polysilicon still depends on the demand of photovoltaic terminals, the intensity of enterprise production reduction and the rhythm of inventory depletion.
Everbright Futures believes that with the end of the photovoltaic centralized project, overseas demand has declined synchronously, orders for large versions of components have shrunk dramatically, and the negative feedback effect of industrial chain demand has intensified. The silicon material factory continues the strong price, superimposes the disk in recent months to squeeze the warehouse and the positive set operation, the near future spot price does not fall but rises. The silicon material factory continued the strategy of reducing production and inventory without price reduction, and the characteristics of market volume and price separation and price without market became more and more clear.
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