Questions this notice answers
What automatic hedging-quota conversion did SHFE announce for Natural rubber on 20 October 2026?
The automatically converted near-delivery buy and sell hedging position quotas were each temporarily set to 0 lots from the last trading day of October 2026. This applies to non-futures-firm members, overseas special non-brokerage participants and clients without an approved near-delivery hedging position quota. Near-delivery covers the month before delivery and the delivery month.
Does this notice set every participant’s total position limit?
No. It addresses automatic conversion from a general-month hedging quota for participants who have not obtained a near-delivery quota. It does not announce a general position limit for all participants or revoke already approved near-delivery quotas.
Key facts and source passages
- Natural rubber · Automatically converted buy hedging quota
- 0 lots
- Natural rubber · Automatically converted sell hedging quota
- 0 lots
Timing: From the last trading day of October 2026; no calendar date is specified in this notice.
天然橡胶品种自2026年10月最后一个交易日起，未取得临近交割月份套期保值交易持仓额度的非期货公司会员、境外特殊非经纪参与者或者客户，其一般月份套期保值交易持仓额度在进入临近交割月份（交割月前第一月和交割月份）时，自动转化的临近交割月份买入及卖出套期保值交易持仓额度均暂调整为0手。 Chinese source passageSummary
SHFE announced that, from the last trading day of October 2026, the automatically converted buy and sell near-delivery hedging position quotas for natural rubber are temporarily set to zero lots for participants who have not obtained a near-delivery hedging quota.
- Timing
- From the last trading day of October 2026; no calendar date is inferred here.
- Applies to
- Non-futures-firm members, overseas special non-brokerage participants and clients without an approved near-delivery hedging quota. Near-delivery means the month before delivery and the delivery month.
- Not covered
- This concerns automatic conversion of a hedging quota, not a blanket prohibition on hedging or a current-rule consolidation.
The official Chinese text prevails.
Source excerpts
自2026年10月最后一个交易日起 ¶4未取得临近交割月份套期保值交易持仓额度 ¶4买入及卖出套期保值交易持仓额度均暂调整为0手 ¶4官方中文原文 Official Chinese text
上期发〔2026〕352号
各有关单位：
经研究决定，根据《上海期货交易所套期保值交易管理办法》第十三条等相关规定，现将天然橡胶品种套保持仓额度自动转化标准调整事项通知如下：
天然橡胶品种自2026年10月最后一个交易日起，未取得临近交割月份套期保值交易持仓额度的非期货公司会员、境外特殊非经纪参与者或者客户，其一般月份套期保值交易持仓额度在进入临近交割月份（交割月前第一月和交割月份）时，自动转化的临近交割月份买入及卖出套期保值交易持仓额度均暂调整为0手。
特此通知。
上海期货交易所 2026年10月20日