The Exchange increased the spot month position limit on the aluminum futures contract to 750 contracts from 350, with the provision that if the price of the spot month contract exceeds the price of the next most active month or if registered warehouse stocks fall below 5,000 contract equivalents for three consecutive days, the position limits revert to 350 contracts.
Similarly, the spot month position limit for the copper futures contract will now be reduced to 3,000 contracts from 5,000 if, for three consecutive trading days, the spot month price is higher than that of the next most active month, or registered warehouse stocks fall below 20,000 contract equivalents. Previously, the position limit would have been reduced to 2,500 contracts if warehouse stocks fell below 10,000 contract equivalents.
In both cases, the reduced position limits will take effect three trading days later, unless decided otherwise by the Exchange control committee.
The levels at which clearing members must identify customers to the Exchange were decreased to 200 gold options contracts from 250; reduced to 150 silver options contracts from 200; and increased to 100 copper options contracts from 50.