News

[SHFE: Proposed Introduction of Secondary Lead as an Alternative Delivery Brand for Lead Futures] It was reported that the Shanghai Futures Exchange issued a notice today soliciting public comments on the revision of the "Shanghai Futures Exchange Lead Futures Contract" and the "Shanghai Futures Exchange Lead Futures Business Rules." The notice stated that the Shanghai Futures Exchange plans to revise the "Shanghai Futures Exchange Lead Futures Contract" and the "Shanghai Futures Exchange Lead Futures Business Rules" and is now seeking public input, with the deadline for feedback set for February 6, 2026. The main points of the revision proposal are as follows: In recent years, as secondary lead has gradually become a major product in the global lead market, to support the green and low-carbon transformation of the non-ferrous metals industry and the development of a circular economy, enhance the functionality of lead futures, and optimize deliverable resources, the Shanghai Futures Exchange, based on the national recommended standard for secondary lead ingots GB/T 21181-2025 jointly issued by the State Administration for Market Regulation and the Standardization Administration of China, conducted in-depth surveys and extensive communication with industry enterprises and proposes to introduce secondary lead as an alternative delivery brand.

After research and deliberation, the SHFE issued a notice stating that, starting from the settlement after market close on Friday, January 30, 2026, the price limit margins and trading margin ratios will be adjusted as follows: the price limit margins for listed alumina, lead, and zinc futures contracts will be adjusted to 9%, with the trading margin ratios for hedging positions adjusted to 10% and those for non-hedging positions adjusted to 11%.