Guangda Futures: Silver locked limit down, focus on non-farm data this week.

Last Friday night, all Shanghai silver contracts hit the limit down, and overseas silver prices fell by more than 30% at one point. On Monday morning, Shanghai silver continued to hit the limit down, and the overseas silver price continued to decline. From the transmission factor perspective, Trump nominated former Federal Reserve Governor Kevin Warsh as the next chairman, and the market generally regarded him as a relatively "hawkish" candidate. This quickly reversed the market's expectations for the Fed to maintain an ultra-loose monetary policy in the future, causing the dollar index to rebound and directly suppressing precious metals priced in dollars. However, the underlying reason lies in the extremely crowded long positions in the precious metals market and technical selling pressure, triggering a chain reaction of "long position stampede". In addition, the CME raised the margin ratio of gold and silver futures, and the mandatory rebalancing of major commodity indices due to excessive weighting of gold and silver also amplified the technical selling pressure.