The Shanghai Futures Exchange has issued a new notice, document number Shang Qi Fa [2026] No. 298, regarding adjustments to the automatic conversion standards for hedging position limits in the silver and copper contracts. This decision was made in accordance with Article 13 of the Exchange's Hedging Trading Management Measures and related regulations.

Effective from the last trading day of August 2026, the exchange will restore the automatic conversion of hedging position limits for the near-delivery month in the silver variety. For non-futures company members, overseas special non-broker participants, or clients who have not obtained near-delivery month hedging position limits, their general-month hedging position limits will automatically convert to near-delivery month buy and sell hedging position limits upon entering the near-delivery period, which includes the month before the delivery month and the delivery month itself. The converted limits will be based on the lower of their existing general-month hedging position limits or the position limit stipulated by the variety's position control system.

For the copper variety, also effective from the last trading day of August 2026, non-futures company members, overseas special non-broker participants, or clients without near-delivery month hedging position limits will have their automatically converted near-delivery month buy and sell hedging position limits temporarily set to zero lots when entering the near-delivery period. This adjustment applies to both the month before the delivery month and the delivery month itself.

The exchange urges all relevant parties to take note of these changes and ensure compliance with the revised standards. This notice serves as the official communication from the Shanghai Futures Exchange, dated August 21, 2026.