RMB 0.02 refers to the price change per gram
When viewing Shanghai gold futures quotes, adjacent valid prices can differ by RMB 0.02. Under the current Shanghai Futures Exchange rules, gold futures are quoted in renminbi per gram and the minimum price movement is RMB 0.02 per gram.
This does not mean an entire one-lot contract changes by only RMB 0.02. The figure applies to each gram, so the contract size must also be included when converting a market tick into a monetary amount. For background on contract size, see How Much Gold Does One Gold Futures Lot Represent? A Beginner’s Guide to Contract Size.
One gold futures lot represents 1,000 grams
The current trading unit for Shanghai gold futures is 1,000 grams per lot. With a minimum price movement of RMB 0.02 per gram, one tick corresponds to 0.02 × 1,000 = RMB 20 of price movement per lot.
For example, a move from RMB 950.00 per gram to RMB 950.02 per gram is one upward tick, equal to RMB 20 per lot. A move back from RMB 950.02 to RMB 950.00 is one downward tick and has the same RMB 20 absolute amount. Whether that movement is positive or negative for an account depends on the position direction, while the final net result can also reflect trading costs.
What happens if the price changes by RMB 1 per gram?
Once the tick value is clear, larger moves are easy to calculate. A RMB 1-per-gram move across a 1,000-gram contract equals RMB 1,000 per lot.
A move from RMB 950 to RMB 951 per gram therefore corresponds to RMB 1,000 per lot, while a RMB 2-per-gram move corresponds to RMB 2,000. The same result can be reached through ticks: RMB 1 contains 50 increments of RMB 0.02, and 50 × RMB 20 equals RMB 1,000.
More lots increase the monetary movement proportionally
If the market moves by one tick, one lot corresponds to RMB 20, two lots to RMB 40 and five lots to RMB 100. The calculation scales directly with the number of lots actually held.
This is why looking only at a quote change such as “up a few tenths” or “down several yuan” is incomplete. The price movement per gram and the position size need to be considered together. For a broader explanation of how price movement affects trading results, see Where Do Gold Futures Losses Come From? It Is More Than Just Market Direction.
The minimum tick is not a daily movement limit
RMB 0.02 per gram is only the smallest permitted interval between adjacent valid quotes. It does not mean the market can move only that much in a day. A trading session may contain many consecutive ticks.
A cumulative RMB 0.20-per-gram move equals 10 ticks and therefore RMB 200 per lot. A RMB 5-per-gram move corresponds to RMB 5,000 per lot. These figures describe the monetary effect of the price change based on the contract unit, not a guaranteed final net outcome for a specific trade.
Also check which contract month you are viewing
Gold futures are listed in multiple contract months rather than under one permanent contract code. Each month uses the same contract size and minimum price movement, but prices, activity and expiry arrangements can differ. For more on contract codes and expiry months, see Why Are There So Many Gold Futures Months? Understanding Contract Codes and Expiry Months.
The key to understanding a RMB 0.02 tick is therefore to combine two parameters: the RMB 0.02-per-gram minimum price movement and the 1,000-gram contract size. Under the current contract specifications, one minimum tick equals RMB 20 of price movement per lot.