All Members,

To meet the developmental requirements of, prevent risks in, and enhance operational efficiency of, the benchmark price market, Shanghai Gold Exchange (SGE) will adjust the Shanghai Silver benchmark price market starting from 11/20/2024. The specific adjustments are as follows:

I. Adjustments to Shanghai Silver Fixing Members
According to the Detailed Rules of the Shanghai Gold Exchange on Benchmark Price Trading and upon comprehensive evaluation and deliberation, SGE has made the following decisions:
1. CITIC Securities Co., Ltd. is admitted as a Shanghai Silver Fixing Member as it meets the relevant membership requirements.
2. Daye Nonferrous Metals Co., Ltd.’s request for withdrawal from the list of Shanghai Silver Fixing Members is approved.
II. Optimization of the Specifications for Shanghai Silver
1. The execution threshold has been adjusted from 9,000 kg to 7,500 kg.
2. The level-1 quantity imbalance has been adjusted from the original 9,000-45,000 kg to 7,500-21,000 kg, with a price adjustment of 2 yuan/kg.
3. The level-2 quantity imbalance has been adjusted from the original 45,000-75,000 kg to 21,000-45,000 kg, with a price adjustment of 4 yuan/kg.
4. The level-3 quantity imbalance has been adjusted from the original 75,000-120,000 kg to 45,000-75,000 kg, with a price adjustment of 8 yuan/kg.
5. The level-4 quantity imbalance has been adjusted from the original 120,000 kg and above to 75,000 kg and above, with a price adjustment of 16 yuan/kg.
Level Pre-adjustment Post-adjustment
Adjustment to Offered Price of the next round
(if prevailing trading direction established by the relative size of buying and selling quantities is the same as that in the preceding round) Adjustment to Offered Price of the next round
(if prevailing trading direction established by the relative size of buying and selling quantities is the same as that in the preceding round)
Quantity Imbalance (kg) Price Adjustment Quantity Imbalance (kg) Price Adjustment
Execution Threshold Quantity Imbalance ≤9,000 Execution Quantity Imbalance ≤7,500 Execution
1 9,000 < Quantity Imbalance <45,000 2 yuan/kg 7,500 < Quantity Imbalance <21,000 2 yuan/kg
2 45,000 ≤ Quantity Imbalance <75,000 4 yuan/kg 21,000 ≤ Quantity Imbalance <45,000 4 yuan/kg
3 75,000 ≤ Quantity Imbalance <120,000 8 yuan/kg 45,000 ≤ Quantity Imbalance <75,000 8 yuan/kg
4 Quantity Imbalance ≥120,000 16 yuan/kg Quantity Imbalance ≥75,000 16 yuan/kg