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Look up Chinese precious metal contract specs (SGE & SHFE) and calculate margin requirements, PnL, and ROI online.
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For a 10-lot Au(T+D) contract with an opening price of 280 RMB/g and a closing price of 285 RMB/g, assuming an 11% margin rate, the profit is 50,000 RMB, the margin requirement is 308,000 RMB, and the ROI is approximately 16.23%. Our calculator helps you visualize every step.
Chinese precious metal contracts refer to standardized contracts listed on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE), including Au(T+D), mAu(T+D), Ag(T+D), as well as Shanghai gold and silver futures. These contracts use margin trading, allow bidirectional trading (long/short), and feature leverage. This tool integrates the basic parameters of major contracts (trading unit, minimum price fluctuation, exchange margin rate, etc.) and automatically calculates the margin requirement, profit/loss (PnL), and return on investment (ROI) based on your input for opening price, closing price, direction, and number of lots.
Core Formula:
PnL = (Closing Price − Opening Price) × Contract Unit × Lots × Direction Factor
The direction factor is +1 for long and −1 for short. When shorting, you only profit if the closing price is lower than the opening price, which the formula automatically reflects.
Margin = Opening Price × Contract Unit × Lots × Margin Rate
Margin rates are published by the exchanges and can be looked up in real-time using this tool (e.g., currently 11% for Au(T+D) and 12% for Ag(T+D)).
Why does this formula make sense? Precious metals are quoted in RMB/g or RMB/kg. The price difference per gram multiplied by the contract unit equals the PnL per lot, which is then multiplied by the number of lots to get the total PnL. Leverage amplifies both returns and risks. The margin is the actual capital you invest, and ROI = PnL / Margin, directly reflecting your capital efficiency.
Let's take the Au(T+D) contract as an example. Open the calculator above:
The results area on the right will display:
Interpretation: The price only increased by 1.79% (5/280), but leverage pushed the ROI to 16.23%, demonstrating a significant leverage effect. If the price dropped to 275 RMB/g, the loss would be -500 RMB/lot, totaling a 50,000 RMB loss with an ROI of -16.23%, showing that risks are equally amplified.
Comparison Example — Shorting Ag(T+D):
Result: Margin = 4,000 × 15 × 5 × 12% = 36,000 RMB; PnL = (4,000 − 3,800) × 15 × 5 = 15,000 RMB; ROI = 41.67%.
If the closing price unexpectedly rose to 4,200 RMB/kg, the shorting loss would be = (4,000 − 4,200) × 15 × 5 = −15,000 RMB, with an ROI of −41.67%. This shows that bidirectional trading carries equal risk when the direction is wrong.
| PnL Amount | ROI | Meaning |
|---|---|---|
| Positive | Positive | Correct direction prediction, resulting in a profit. The ROI depends on the leverage ratio. (e.g., the 16% ROI in our example is considered above average). |
| Negative | Negative | Incorrect direction, resulting in a loss. Note that losses can exceed the margin (account blowout in extreme markets), though this tool does not simulate that. |
| Zero | Zero | No price movement, no profit or loss (ignoring trading costs). |
Special Note: An ROI ≥ 5% indicates significant leveraged returns from price movements, but you must consider price volatility to judge sustainability. An ROI ≤ −10% should be a warning sign, as it may trigger a margin call or forced liquidation. This tool does not include transaction fees or deferred fees, so the actual ROI will be slightly lower.
Now you can try your own numbers in the calculator above. Modify the opening price, closing price, or number of lots to see how your PnL changes.
