LME公布持仓限额新规 2026年7月起全面实施

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

LME公布持仓限额新规 2026年7月起全面实施

2025-12-16 16:30:35 来源：北方有色网责任编辑：王欣悦

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伦敦金属交易所(LME)于12月15日正式发布持仓限额新规方案，明确计划自2026年7月起全面实施该规则，此举旨在响应并遵循英国金融监管机构的最新指令要求，标志着全球有色金属市场监管体系将迎来重要调整。

此次新规的核心背景是监管职责的重大转移。根据英国金融行为监管局(FCA)的部署，此前由其直接设定和管理的商品衍生品持仓限制职责，将自2026年7月6日起正式移交至各交易场所自身。这一调整源于英国《金融服务与市场法2023》的改革要求，旨在提升交易场所对市场风险的响应效率，解决原有监管框架范围过宽、合规成本过高的问题。

LME在声明中强调，接管持仓限额管理职责后，将显著增强其直接校准和动态调整规则的能力，确保持仓限制始终保持合理水平，并能灵活应对市场供需变化、库存波动等动态风险。从适用范围来看，新规覆盖了市场关注度最高的核心品种，既包括铝、铜、铅、镍、锡和锌六大基础金属期货等“关键合约”，也涵盖了相关期权合约、交易结算合约(TAS)及交易平均价期权合约(TAPO)等“相关合约”，实现了对核心金属交易品种的全面监管覆盖。

在规则设计的关键创新点上，新规提出两大核心调整：一是持仓计算方式的优化，将在单个实体及集团层面以净额为基础计算持仓，即对同一金属的多空持仓进行轧差处理，同时将期权合约按Delta系数折算为标准期货持仓后合并计算，这与FCA此前的计算标准保持衔接但更注重实操性;二是风险监测机制的升级，将现行的“问责水平”制度改为更具约束性的“问责阈值”，便于交易所更精准、全面地掌握市场参与者的实际风险敞口情况。

从行业发展视角看，此次新规是LME完善风险防控体系的重要举措。近年来，LME市场曾多次因持仓集中、库存失衡引发价格极端异动，2022年的伦镍逼仓事件以及2025年铜库存大幅下降引发的价格波动，都暴露出现有持仓管理机制的不足。新规中净额计算、阈值监管等设计，正是针对低库存环境下的资本挤仓风险，通过强化源头管控压缩市场操纵空间。

为保障规则平稳落地，LME制定了清晰的推进时间表：计划于2026年2月发布详细的规则变更咨询文件，给予会员单位、产业客户及投资机构充足时间理解规则细节，并广泛征集市场意见进行优化完善。FCA同时明确，现有监管框架下的持仓豁免权限将持续生效至2026年7月5日，确保过渡期内市场交易的连续性。

业内分析认为，新规实施将对全球有色金属市场产生深远影响。国泰君安期货有色首席分析师季先飞指出，短期内将抑制过度投机引发的价格波动，为产业客户套期保值提供更稳定的市场环境;长期来看，透明化的持仓管理将重塑金属交易逻辑，使近月合约价格更贴近现货基本面，同时巩固LME作为全球金属定价中心的地位。对于国内市场而言，这一监管改革也为我国期货市场优化风险防控体系提供了重要参考。

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LME公布持仓限额新规 2026年7月起全面实施

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