Shanghai Futures Exchange Caps Daily Opening Positions in Fuel Oil, Bitumen Contracts

The exchange is targeting speculative flow in two energy-linked contracts that sit close to the physical supply chain, and the carve-out for overseas special non-brokerage participants signals that cross-border access is part of the risk calculus. The cap hits non-futures-company members and clients hardest, since futures firms themselves are exempt — a structural detail that shifts positioning capacity toward intermediated channels. Whether the limit cools turnover in FU2612 and the listed bitumen months, or simply pushes activity into later-dated contracts, is the open question worth tracking once the night session takes effect.