Daily Price Limits for commodity derivatives use staged relaxations and VWAP-derived first-day base pricing. Daily Price Limits for non-agricultural commodity derivatives are set in tiered slabs with category-specific initial and enhanced slabs; steel has a two-slab structure with a cooling-off-triggered enhancement, while gold and other non-agricultural commodities use a three-slab mechanism with an immediate first enhancement and a cooling-off-triggered second enhancement. Exchanges may relax limits further if international reference markets move beyond the aggregate DPL but must notify surveillance with justification. For a contract's first trading day the base price for DPL is derived from VWAP of opening trades and governs the day's limits; exchanges may prescribe narrower limits and must update rules, disseminate changes, and report implementation to the regulator.
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Daily Price Limits for commodity derivatives use staged relaxations and VWAP-derived first-day base pricing.
Daily Price Limits for non-agricultural commodity derivatives are set in tiered slabs with category-specific initial and enhanced slabs; steel has a two-slab structure with a cooling-off-triggered enhancement, while gold and other non-agricultural commodities use a three-slab mechanism with an immediate first enhancement and a cooling-off-triggered second enhancement. Exchanges may relax limits further if international reference markets move beyond the aggregate DPL but must notify surveillance with justification. For a contract's first trading day the base price for DPL is derived from VWAP of opening trades and governs the day's limits; exchanges may prescribe narrower limits and must update rules, disseminate changes, and report implementation to the regulator.
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