1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while other sectors like by - products, soft commodities, and grains also have their own market trends. For example, soft commodity sugar has a slight fluctuation, and cotton is in a weak consolidation state [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2601) is 4,108, down 2 with a decline of 0.05%; the latest price of soybean meal (M2601) is 3,017, up 4 with an increase of 0.13% [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR of different options vary. For example, the volume PCR of soybean No.1 is 0.72 with a change of 0.24, and the open interest PCR is 1.12 with a change of - 0.05 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of different options are different. For example, the pressure point of soybean No.1 is 4,200 and the support point is 4,050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility of different options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.38, and the weighted implied volatility is 12.73 with a change of - 0.10 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, Brazilian soybean planting progress is slow, and the market has shown a rebound after a decline. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, trading volume,提货量, and inventory have changed. The market has shown a rebound after a decline. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates a weak market. Strategies are similar to those of soybean No.1 [9]. - **Palm Oil**: Fundamentally, the spot basis of oils has risen slightly, and inventory is decreasing. The market is in a low - level consolidation state. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates support at the bottom. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price is affected by factors such as farmers' reluctance to sell. The market is in a weak and downward state. Option - wise, implied volatility is at a relatively high historical level, and the open interest PCR indicates a weak and volatile market. The strategy is to hold a long spot + buy a put option + sell an out - of - the - money call option [10]. 3.5.2 By - product Options - **Pig**: Fundamentally, the spot price has declined, and the market is in a weak state. Option - wise, implied volatility is above the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the laying hen inventory has changed. The market has shown a rebound after a decline. Option - wise, implied volatility is at a relatively high level, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the supply has decreased in quality and quantity, and the price has increased. The market is in a high - level consolidation state. Option - wise, implied volatility is above the historical average, and the open interest PCR indicates strong support at the bottom. Strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the purchase price in the production area has changed. The market is in a weak and downward state. Option - wise, implied volatility has risen rapidly above the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: Fundamentally, sugar production and exports in Brazil and India have changed. The market is in a weak and downward state. Option - wise, implied volatility is at a relatively low historical level, and the open interest PCR indicates a range - bound market. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the progress of cotton picking, delivery, processing, and sales has changed. The market is in a short - term weak state. Option - wise, implied volatility is at a relatively low level, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 3.5.4 Grain Options - **Corn**: Fundamentally, the average price of corn has increased. The market is in a weak rebound state. Option - wise, implied volatility is at a relatively low historical level, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy [13].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The global soybean supply has decreased compared to the 24/25 season, and the bottom of import costs may have emerged, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, but the de - stocking season provides some support, and soybean meal is expected to fluctuate [2][4]. - Palm oil prices are expected to be volatile and weak in the near term due to factors such as weak exports and high inventory. However, if Indonesian production decreases, the situation may reverse, and the strategy is to view it as volatile and turn bullish if production decline signals appear [6][9]. - Zhengzhou sugar prices have rebounded due to strengthened import controls on syrup and premixed powder, but the external market is weak. With expected increases in production in the 2025/26 season, it is recommended to look for short - selling opportunities on price rallies [12][13]. - Cotton prices are expected to continue to fluctuate in the short term. Although there are negative factors such as weak downstream demand and high domestic production, some negative news has been digested [16][17]. - Egg prices are expected to be volatile in the short term, with near - term contracts focusing on premium/discount and far - term contracts reflecting de - capacity expectations. In the medium term, as demand weakens, it is advisable to wait for price rallies to short [18][19]. - Hog prices are expected to be bearish before the Spring Festival due to oversupply. The current strategy is to first use reverse spreads and then wait for price rallies to short [21][22]. 3. Summary by Directory Protein Meal - **Market Information**: On Thursday, CBOT soybeans declined due to concerns about US soybean demand. Brazilian soybean premiums were stable, and the cost of imported soybeans decreased. Domestic soybean meal spot prices were stable, with good trading and pick - up. MYSTEEL expects this week's soybean crushing volume to be 2.3492 million tons, up from 2.0776 million tons last week. Last week, soybean and soybean meal inventories decreased month - on - month but remained high year - on - year. The planting progress of Brazilian soybeans has reached 71%. The USDA monthly report lowered the global new - crop soybean production by about 4.1 million tons and the ending inventory by 2 million tons, while the US soybean production was lowered by about 1.3 million tons, but exports were also lowered by 1.36 million tons, resulting in only a 280,000 - ton reduction in US soybean inventory [2]. - **Strategy View**: The bottom of soybean import costs may have appeared, but the upward space requires greater production cuts. Domestic soybean and soybean meal inventories are high, and crushing margins are under pressure. As the de - stocking season begins, there is some support, and soybean meal is expected to fluctuate [4]. Oils - **Market Information**: From November 1 - 20, Malaysian palm oil exports decreased compared to the same period last month, and the production situation was mixed. The National Grain and Oil Information Center expects palm oil prices to be volatile and weak in the near term. On Thursday, domestic oil prices declined. Domestic spot basis prices were stable [6]. - **Strategy View**: The high production of palm oil in Malaysia and Indonesia has suppressed prices, but the recent improvement in Malaysian palm oil exports provides some support. Palm oil may reverse the current situation of high inventory in the fourth quarter and the first quarter of next year. It is recommended to view it as volatile and turn bullish if production decline signals appear [9]. Sugar - **Market Information**: On Thursday, Zhengzhou sugar futures prices were weakly volatile. Spot prices in different regions showed different trends. The International Sugar Organization predicts a 1.63 - million - ton surplus in the 2025/26 sugar season. In October 2025, China's sugar imports increased year - on - year. The production of Indian sugar mills has increased significantly compared to the same period last year [11][12]. - **Strategy View**: The strengthening of import controls on syrup and premixed powder has driven up Zhengzhou sugar prices, but the external market is weak. With expected increases in production in the new season, it is recommended to look for short - selling opportunities on price rallies [13]. Cotton - **Market Information**: On Thursday, Zhengzhou cotton futures prices were narrowly volatile. In October 2025, China's cotton imports decreased year - on - year. The USDA monthly report showed an increase in global cotton production in the 2025/26 season. As of November 14, the spinning mill operating rate was low, and the national commercial cotton inventory increased year - on - year [15][16]. - **Strategy View**: Due to weak downstream demand and high domestic production, there is selling - hedging pressure. However, some negative news has been digested, and cotton prices are expected to continue to fluctuate in the short term [17]. Eggs - **Market Information**: On the previous day, national egg prices were stable or declined. The market supply was generally sufficient, and the terminal market digestion speed was partly stable and partly slowed down. It is expected that today's egg prices will be weakly stable with a few declines [18]. - **Strategy View**: The egg futures market has rebounded in advance, but the spot price increase has not met expectations, resulting in an enlarged premium. In the short term, it is expected to be volatile, and in the medium term, it is advisable to wait for price rallies to short [19]. Hogs - **Market Information**: On the previous day, domestic hog prices mainly increased, with some areas stable or slightly decreased. The market supply was normal, but demand was limited, and slaughter enterprises' purchasing enthusiasm was not high. It is expected that today's hog prices may be stable or decreased [21]. - **Strategy View**: The current hog price rebound is driven by frozen product storage and second - fattening. The subsequent supply will lead to a bearish pattern before the Spring Festival. The current strategy is to first use reverse spreads and then wait for price rallies to short [22].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The soybean market has a tightened global balance, with the bottom of import costs possibly emerging, but upward space requires greater production cuts. Domestic soybeans and soybean meal are expected to oscillate [3][5] - The palm oil market is suppressed by over - expected production in Malaysia and Indonesia, but recent export improvements provide support. It may reverse the inventory build - up in Q4 and Q1 next year, and the strategy is to view it as oscillatory, turning bullish if production drops [7][8][10] - The sugar market is expected to have a surplus in the 2025/26 season. With weak external markets and high import profits, the suggestion is to look for short - selling opportunities on price rallies [12][13] - The cotton market has weak downstream demand and high domestic production this year. After some negative factors were digested by previous price drops, short - term prices are expected to continue to oscillate [16][17] - The egg market's short - term focus is on demand support. Before the spot price realizes seasonal increases, the futures will likely oscillate. In the medium - term, look for short - selling opportunities on rallies [20][21] - The pig market's long - term trend is bearish due to supply surplus, but short - term counter - rallies are possible. The recommended strategies are reverse spreads first, followed by short - selling on rallies [23][24] 3. Summary by Related Catalogs Soybeans and Soybean Meal - **Market Conditions**: On Wednesday, CBOT soybeans declined after reaching the cost line, and Brazilian soybean premiums fell by 3 - 10 cents/bu. Domestic soybean meal spot prices dropped slightly by 30 yuan/ton, with good sales and pick - up. MYSTEEL expects this week's soybean crushing volume to be 2.3492 million tons, up from last week's 2.0776 million tons. Last week, soybeans and soybean meal inventories decreased month - on - month but remained high year - on - year [2] - **Supply and Demand**: In Brazil, soybean planting in areas with less rainfall in the early stage is expected to go smoothly as rainfall recovers, with a planting progress of 71% as of last Thursday. The USDA monthly report lowered the global new - crop soybean production by about 4.1 million tons and the ending inventory by 2 million tons. US soybean production was cut by about 1.3 million tons, but exports were also reduced, resulting in only a 280,000 - ton cut in inventory [3] - **Strategy**: The bottom of soybean import costs may have emerged, but upward space needs more production cuts. With high domestic inventories, soybean meal is expected to oscillate [5] Oils - **Market Conditions**: On Wednesday, domestic oil prices opened high and closed low. ITS and AMSPEC data showed that Malaysia's palm oil exports from November 1 - 10 decreased by 9.5% - 12.28% compared to the same period last month, and the first 15 days decreased by 10% - 15.5%. SPPOMA data showed different trends in production. China's palm oil imports in October were 220,000 tons, down 11.7% year - on - year, and 1.96 million tons from January to October, down 15.3% year - on - year. Domestic spot basis was stable [7] - **Strategy**: Over - production in Malaysia and Indonesia suppresses the palm oil market, but recent export improvements provide support. Observe the sustainability. Palm oil may reverse the inventory build - up in Q4 and Q1 next year. The strategy is to view it as oscillatory, turning bullish if production drops [8][10] Sugar - **Market Conditions**: On Wednesday, Zhengzhou sugar futures continued to fall. The closing price of the January contract was 5,381 yuan/ton, down 26 yuan/ton from the previous day. Spot prices in Guangxi, Yunnan, and processing factories also decreased. The basis between Guangxi spot and Zhengzhou sugar main contract was 219 yuan/ton [11] - **Supply and Demand**: The International Sugar Organization predicts a 1.63 - million - ton surplus in the 2025/26 season, compared to a 2.92 - million - ton deficit in 2024/25. China's sugar imports in October were 750,000 tons, up 213,200 tons year - on - year, and 3.9054 million tons from January to October, up 13.8%. India's sugar production increased significantly this year [12] - **Strategy**: Stricter import controls on syrup and premixed powder have driven up Zhengzhou sugar prices, but the external market is still weak. With expected production increases in the Northern Hemisphere in the 2025/26 season, look for short - selling opportunities on price rallies [13] Cotton - **Market Conditions**: On Wednesday, Zhengzhou cotton futures slightly rebounded. The closing price of the January contract was 13,485 yuan/ton, up 90 yuan/ton from the previous day. The China Cotton Price Index (CCIndex) 3128B was 14,779 yuan/ton, down 10 yuan/ton from the previous day. The basis was 1,294 yuan/ton [15] - **Supply and Demand**: China's cotton imports in October were 90,000 tons, down 20,000 tons year - on - year, and 780,000 tons from January to October, down 67.36% year - on - year. The USDA report increased the global cotton production forecast in the 2025/26 season. As of November 14, the spinning mill operating rate was 65.6%, and the national commercial cotton inventory was 3.28 million tons, up 370,000 tons year - on - year [16] - **Strategy**: With weak downstream demand and high domestic production, and after previous price drops digesting some negative factors, short - term cotton prices are expected to continue to oscillate [17] Eggs - **Market Conditions**: Yesterday, national egg prices were stable or declined. The average price in the main production areas dropped 0.02 yuan to 2.82 yuan/jin. Supply was stable, downstream demand was average, with a small inventory pressure. Today's egg prices are expected to be mostly stable with a few declines [20] - **Strategy**: The short - term focus is on demand support. Before the spot price realizes seasonal increases, the futures will likely oscillate. In the medium - term, look for short - selling opportunities on rallies [21] Pigs - **Market Conditions**: Yesterday, domestic pig prices generally rose slightly, with some areas stable. The average price in Henan rose 0.14 yuan to 11.76 yuan/kg, and in Sichuan rose 0.05 yuan to 11.32 yuan/kg. Farmers' reluctance to sell decreased, and supply may increase, but demand boost was limited. Today's pig prices are expected to stabilize [23] - **Strategy**: The long - term trend is bearish due to supply surplus, but short - term counter - rallies are possible. The recommended strategies are reverse spreads first, followed by short - selling on rallies [24]

金融期权 2025-11-20 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的买方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - Steel demand has officially entered the off - season, with high inventory pressure on hot - rolled coils. In the short term, prices are likely to continue weak and volatile, but there may be a marginal inflection point in demand with policy implementation and macro - environment improvement [3]. - For iron ore, high inventory suppresses prices, but short - term iron ore demand is supported by the rebound in hot metal production. The price will run within a volatile range in the short term [6]. - For the black sector, it is more cost - effective to look for positions to rebound rather than short. The future price increase depends on the introduction and intensity of stimulus policies [10][11]. - Industrial silicon may present a "supply - demand double - weak" pattern. Its price may rise further with开工 rate decline and sentiment boost, otherwise, it may fall [16]. - Polysilicon is still in a tug - of - war between reality and expectation. The supply - demand pattern may improve marginally, but short - term de - stocking is limited, and the price will fluctuate widely within a range [18]. - Glass supply contraction is limited, demand is weak, and the market is expected to remain weak in the short term [21]. - Soda ash supply is relatively high, demand is average, and the price will continue to oscillate at a low level in the short term [23]. 3. Summary by Related Catalogs Steel - **Market Quotes** - The closing price of the rebar main contract was 3070 yuan/ton, down 20 yuan/ton (- 0.64%) from the previous trading day, with registered warehouse receipts of 95087 tons, a net increase of 8415 tons. The main contract's open interest was 1.631133 million lots, a decrease of 24336 lots. The Tianjin and Shanghai rebar summary prices decreased by 10 yuan/ton [2]. - The closing price of the hot - rolled coil main contract was 3277 yuan/ton, down 9 yuan/ton (- 0.27%) from the previous trading day, with registered warehouse receipts of 120567 tons, unchanged. The main contract's open interest was 1.196921 million lots, a decrease of 20253 lots. The Le Cong and Shanghai hot - rolled coil summary prices remained unchanged [2]. - **Strategy Viewpoints** - Rebar shows a pattern of double - decline in supply and demand, with continuous inventory reduction, presenting a neutral overall performance. Hot - rolled coils have weak terminal demand, and inventory is accumulating against the season. In the short term, prices are likely to be weak and volatile, but there may be a demand inflection point later [3]. Iron Ore - **Market Quotes** - The main iron ore contract (I2601) closed at 791.50 yuan/ton, with a change of - 0.06% (- 0.50), and the open interest increased by 9616 lots to 480,900 lots. The weighted open interest was 917,200 lots. The spot price of PB fines at Qingdao Port was 793 yuan/wet ton, with a basis of 51.85 yuan/ton and a basis ratio of 6.15% [5]. - **Strategy Viewpoints** - Supply: Overseas iron ore shipments have rebounded significantly, with increases in both Australian and Brazilian shipments. Demand: The daily average hot metal production has rebounded, but the steel mill profitability rate is declining. Inventory: Port inventory is accumulating, and steel mill inventory has increased slightly. High inventory suppresses prices, but short - term demand is supported by the rebound in hot metal production, and the price will run within a volatile range [6]. Manganese Silicon and Ferrosilicon - **Market Quotes** - On November 19, the main manganese silicon contract (SM601) fell 0.67% to close at 5642 yuan/ton. The Tianjin 6517 manganese silicon spot market price was 5650 yuan/ton, with a premium of 198 yuan/ton over the futures. The main ferrosilicon contract (SF603) fell 0.33% to close at 5504 yuan/ton. The Tianjin 72 ferrosilicon spot market price was 5500 yuan/ton, with a discount of 4 yuan/ton to the futures [9]. - **Strategy Viewpoints** - The black sector has been oscillating downward. As the time approaches December, the macro - expectation is positive. It is more cost - effective to look for positions to rebound. Manganese silicon's fundamentals are not ideal, and attention should be paid to the manganese ore end. Ferrosilicon has no obvious supply - demand contradictions, with low operational cost - effectiveness [10][11]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Quotes** - The main industrial silicon futures contract (SI2601) closed at 9390 yuan/ton, up 4.57% (+ 410). The weighted contract open interest increased by 70215 lots to 470943 lots. The spot prices of East China's non - oxygen - blowing 553 and 421 remained unchanged, with basis of - 40 yuan/ton and - 440 yuan/ton respectively [13]. - **Strategy Viewpoints** - Affected by the new energy sector, the price rose rapidly. It may present a "supply - demand double - weak" pattern. The cost provides support. The price may rise further if the开工 rate declines, otherwise, it may fall [14][16]. - **Polysilicon** - **Market Quotes** - The main polysilicon futures contract (PS2601) closed at 54625 yuan/ton, up 4.63% (+ 2415). The weighted contract open interest decreased by 2906 lots to 233574 lots. The spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material remained unchanged, with a basis of - 2325 yuan/ton [17]. - **Strategy Viewpoints** - It is in a tug - of - war between reality and expectation. The supply - demand pattern may improve marginally, but short - term de - stocking is limited. The price will fluctuate widely within a range, and attention should be paid to the progress of the platform company and price feedback [18]. Glass and Soda Ash - **Glass** - **Market Quotes** - The glass main contract closed at 1009 yuan/ton on Wednesday, down 0.79% (- 8). The North China and Central China quotes remained unchanged. The weekly inventory of float glass sample enterprises increased by 111,000 boxes (+ 0.18%). The top 20 long - position holders increased their positions by 2020 lots, and the top 20 short - position holders reduced their positions by 11275 lots [20]. - **Strategy Viewpoints** - Supply contraction is limited, demand is weak, inventory is high, and the market is expected to remain weak in the short term [21]. - **Soda Ash** - **Market Quotes** - The soda ash main contract closed at 1182 yuan/ton on Wednesday, down 2.64% (- 32). The Shahe heavy - soda quote decreased by 27. The weekly inventory of soda ash sample enterprises decreased by 0.69 million tons (- 0.18%), with heavy - soda inventory increasing by 0.75 million tons and light - soda inventory decreasing by 1.44 million tons. The top 20 long - position holders increased their positions by 42148 lots, and the top 20 short - position holders increased their positions by 67894 lots [22]. - **Strategy Viewpoints** - Supply is relatively high, demand is average, and the price will continue to oscillate at a low level in the short term [23].

金属期权 2025-11-20 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - For copper, although there are geopolitical head - winds, the copper price has strong support due to tight raw material supply and improved spot market after price correction. The expected operating range for SHFE copper main contract is 85,600 - 87,000 yuan/ton, and for LME copper 3M is 1,0700 - 10,920 US dollars/ton [3][4]. - For aluminum, with relatively fluctuating domestic inventories and low overseas inventories, the aluminum price has strong support. If domestic inventories can be effectively reduced, the aluminum price may strengthen after consolidation. The expected operating range for SHFE aluminum main contract is 21,450 - 21,700 yuan/ton, and for LME aluminum 3M is 2,780 - 2,840 US dollars/ton [5][6]. - For lead, due to tight domestic lead raw materials, high primary and increasing secondary smelting production, and marginal improvement in downstream demand, the domestic lead ingot social inventory is marginally increasing. The lead price is expected to be weak in the short - term [7][8]. - For zinc, with tight zinc ore during refineries' winter stockpiling, reduced zinc smelting profits, and slowdown in domestic zinc ingot social inventory accumulation, along with the impact of Fed officials' hawkish remarks, the zinc price is expected to be weak in the short - term [9][10]. - For tin, the short - term tin supply - demand is in a tight balance, and the price is expected to be strongly volatile. It is recommended to go long on dips, with the domestic main contract operating range of 285,000 - 300,000 yuan/ton and the overseas LME tin of 36,000 - 38,000 US dollars/ton [11][12]. - For nickel, due to increasing refined nickel inventory, falling ferronickel price, and expected increase in refined nickel supply, the short - term nickel price decline space is limited. It is recommended to wait and see in the short - term, and consider building long positions if the ferronickel price stabilizes and the nickel price drops enough [13][14]. - For lithium carbonate, the whole contract increased positions by 70,000 lots on Wednesday, with bulls leading the market. The demand is strong, but price increases may trigger potential disturbances. It is necessary to pay attention to price fluctuations, and focus on factors such as position structure, equity market atmosphere, and lithium - battery material and cell production scheduling [17][18]. - For alumina, with the recovery of overseas ore shipments after the rainy season and over - capacity in the smelting end, the inventory is increasing. However, as the price is close to the cost line, the short - term recommendation is to wait and see [20][21]. - For stainless steel, with the oversupply situation unchanged, weak market confidence, and sufficient imported raw materials, the stainless - steel price is expected to continue to decline [23][24]. - For cast aluminum alloy, with cost support and average demand, the short - term price is expected to follow the aluminum price [26]. Group 3: Summary by Related Catalogs Copper - **Market Information**: Overnight US stocks stabilized, copper prices rebounded. LME copper 3M contract rose 0.98% to 10,802 US dollars/ton, SHFE copper main contract reached 86,190 yuan/ton. LME copper inventory increased by 17,375 to 157,875 tons, mainly from Asian warehouses. Domestic SHFE warehouse receipts decreased by 0.3 to 58,000 tons, and the spot premium in Shanghai increased. The domestic copper spot import loss shrank to about 300 yuan/ton, and the refined - scrap spread widened [3]. - **Strategy Viewpoint**: The US government reopened, but there are geopolitical head - winds. The copper raw material supply is tight, and the spot market has improved after the price correction. The expected operating range for SHFE copper main contract is 85,600 - 87,000 yuan/ton, and for LME copper 3M is 1,0700 - 10,920 US dollars/ton [3][4]. Aluminum - **Market Information**: Aluminum prices stabilized and rebounded. LME aluminum rose 0.9% to 2,814 US dollars/ton, SHFE aluminum main contract reached 21,530 yuan/ton. SHFE aluminum weighted contract positions decreased by 1.2 to 668,000 lots, and the futures warehouse receipts remained unchanged at 69,000 tons. Domestic three - place aluminum ingot and aluminum rod inventories decreased, and the aluminum rod processing fee declined. The spot in the East China electrolytic aluminum market was at a discount to the futures, and the trading improved. LME aluminum inventory decreased by 0.2 to 546,000 tons [5]. - **Strategy Viewpoint**: Domestic aluminum ingot inventories are relatively fluctuating, and overseas inventories are low. If domestic inventories can be effectively reduced, the aluminum price may strengthen after consolidation. The expected operating range for SHFE aluminum main contract is 21,450 - 21,700 yuan/ton, and for LME aluminum 3M is 2,780 - 2,840 US dollars/ton [5][6]. Lead - **Market Information**: On Wednesday, the SHFE lead index rose 0.12% to 17,248 yuan/ton. LME lead 3S fell 4.5 to 2,026 US dollars/ton. The SMM1 lead ingot average price was 17,100 yuan/ton, and the refined - scrap spread was 25 yuan/ton. The SHFE lead ingot futures inventory was 31,200 tons, and the domestic social inventory decreased slightly to 40,400 tons [7]. - **Strategy Viewpoint**: Lead ore and waste battery inventories increased slightly, but the lead raw materials are still tight. The primary and secondary smelting profits are good, and the downstream demand has improved marginally. The domestic lead ingot social inventory is marginally increasing. The lead price is expected to be weak in the short - term [7][8]. Zinc - **Market Information**: On Wednesday, the SHFE zinc index rose 0.49% to 22,437 yuan/ton. LME zinc 3S rose 13 to 2,986.5 US dollars/ton. The SMM0 zinc ingot average price was 22,420 yuan/ton. The SHFE zinc ingot futures inventory was 75,300 tons, and the domestic social inventory decreased slightly to 156,600 tons [9]. - **Strategy Viewpoint**: Zinc ore inventory increased slightly, but it is still tight during refineries' winter stockpiling. Zinc smelting profits are damaged, and the zinc ingot supply is marginally decreasing. The downstream operating rate is stable, and the domestic zinc ingot social inventory accumulation has slowed down. The LME zinc spread is marginally decreasing. The zinc price is expected to be weak in the short - term [9][10]. Tin - **Market Information**: On November 19, 2025, the SHFE tin main contract closed at 293,370 yuan/ton, up 1.55%. The 40% tin concentrate in Yunnan was reported at 279,500 yuan/ton, up 2,100 yuan/ton. The tin smelting plants' operating rates in Yunnan and Jiangxi provinces have recovered but are still at a low level due to tight tin ore supply. Although the mining license in Myanmar's Wa State has been approved, the tin ore export is still far below the normal level [11]. - **Strategy Viewpoint**: The short - term tin supply - demand is in a tight balance, and the price is expected to be strongly volatile. It is recommended to go long on dips, with the domestic main contract operating range of 285,000 - 300,000 yuan/ton and the overseas LME tin of 36,000 - 38,000 US dollars/ton [11][12]. Nickel - **Market Information**: On Wednesday, the nickel price rebounded slightly. The SHFE nickel main contract closed at 115,650 yuan/ton, up 0.71%. The spot premiums of various brands were stable. The ferronickel price has been falling rapidly since November [13]. - **Strategy Viewpoint**: Due to increasing refined nickel inventory, falling ferronickel price, and expected increase in refined nickel supply, the short - term nickel price decline space is limited. It is recommended to wait and see in the short - term, and consider building long positions if the ferronickel price stabilizes and the nickel price drops enough. The short - term operating range for SHFE nickel main contract is 115,000 - 120,000 yuan/ton, and for LME nickel 3M is 14,500 - 15,000 US dollars/ton [13][14][15]. Lithium Carbonate - **Market Information**: The Wuganglian lithium carbonate spot index (MMLC) closed at 97,343 yuan, up 3.73%. The LC2601 contract closed at 99,300 yuan, up 6.18% [17]. - **Strategy Viewpoint**: The whole contract increased positions by 70,000 lots on Wednesday, with bulls leading the market. The demand is strong, but price increases may trigger potential disturbances. It is necessary to pay attention to price fluctuations, and focus on factors such as position structure, equity market atmosphere, and lithium - battery material and cell production scheduling [17][18]. Alumina - **Market Information**: On November 19, 2025, the alumina index fell 1.39% to 2,764 yuan/ton. The Shandong spot price was 2,780 yuan/ton, with a premium of 67 yuan/ton over the 12 - contract. The overseas MYSTEEL Australia FOB price fell 1 US dollar/ton to 319 US dollars/ton, and the import loss was 33 yuan/ton. The futures warehouse receipts were 255,800 tons, an increase of 300 tons [20]. - **Strategy Viewpoint**: Overseas ore shipments are expected to recover after the rainy season, and the alumina smelting end has over - capacity. However, as the price is close to the cost line, the short - term recommendation is to wait and see. The domestic main contract AO2601 operating range is 2,600 - 2,900 yuan/ton, and it is necessary to focus on supply - side policies, Guinea's ore policy, and the Fed's monetary policy [20][21]. Stainless Steel - **Market Information**: On Wednesday, the stainless - steel main contract closed at 12,335 yuan/ton, down 0.24%. The spot prices in Foshan and Wuxi markets had different changes. The raw material prices such as ferronickel and high - carbon ferrochrome decreased. The futures inventory decreased by 1,726 to 70,365 tons, and the social inventory increased to 1,070,600 tons [23]. - **Strategy Viewpoint**: The oversupply situation remains unchanged, market confidence is weak, and the cost support is insufficient. The stainless - steel price is expected to continue to decline [23][24]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price stabilized. The main AD2601 contract rose 0.36% to 20,820 yuan/ton. The weighted contract positions decreased to 24,600 lots, and the trading volume was 5,100 lots. The domestic three - place aluminum alloy ingot inventory decreased by 0.02 to 51,500 tons [26]. - **Strategy Viewpoint**: With cost support and average demand, the short - term price is expected to follow the aluminum price [26].

Report Industry Investment Rating No relevant content provided. Core View of the Report After a previous continuous rise, recent hot sectors have shown rapid rotation, with technology growth remaining the market's main theme. The policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips. In the bond market, the supply - demand pattern may improve in the fourth quarter, and it is expected to oscillate and recover. For various commodities, strategies vary based on their specific fundamentals and market conditions [4][8]. Summary by Category Macro - Financial Index Futures - **Market Information**: News includes diplomatic statements, potential mergers in the securities industry, changes in semiconductor intervention, and expected memory price increases. The basis ratios of IF, IC, IM, and IH for different contract periods are provided [2][3]. - **Strategy View**: After the previous rise, hot sectors rotate rapidly, with technology growth as the main theme. The policy supports the capital market, and the medium - to long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: Wednesday's futures contract prices showed declines. There are upcoming treasury cash management deposit tenders, and the Japanese 10 - year bond yield reached a high. The central bank conducted reverse repurchase operations with a net injection [5]. - **Strategy View**: The 10 - month economic data is weak, and the social financing growth rate may remain weak at the end of the year. The bond market is expected to oscillate and recover, considering the supply - demand pattern, inflation expectations, and the stock - bond seesaw effect [8]. Precious Metals - **Market Information**: Prices of gold and silver in domestic and overseas markets rose. The US 10 - year bond yield and the US dollar index are given. Fed officials' statements and meeting minutes influenced market expectations [9]. - **Strategy View**: It is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver futures are provided [10]. Non - Ferrous Metals Copper - **Market Information**: Copper prices rebounded. LME and domestic warehouse inventory changes, price differentials, and import losses are presented [12]. - **Strategy View**: Despite geopolitical headwinds, copper prices are supported by tight raw material supply and improved spot conditions. Reference operating ranges for Shanghai and LME copper are given [13]. Aluminum - **Market Information**: Aluminum prices stabilized and rose. Changes in inventory, positions, and price differentials are provided [14]. - **Strategy View**: With relatively low overseas inventory and potential domestic inventory reduction, aluminum prices are expected to strengthen after oscillation. Reference operating ranges for Shanghai and LME aluminum are given [15]. Zinc - **Market Information**: Zinc prices showed changes. Inventory, positions, and price differentials at home and abroad are presented [16]. - **Strategy View**: Zinc ore is in short supply during the refinery's winter stockpiling. Zinc prices are expected to be weak in the short term [17]. Lead - **Market Information**: Lead prices changed slightly. Inventory, positions, and price differentials are provided [18]. - **Strategy View**: Lead raw materials are in short supply, and lead prices are expected to be weak in the short term [18]. Nickel - **Market Information**: Nickel prices rebounded slightly. Spot prices, cost, and inventory changes are presented [19]. - **Strategy View**: Nickel prices are under pressure from fundamentals. Short - term decline space may be limited, and short - term trading strategies are recommended [19]. Tin - **Market Information**: Tin prices rose. Supply is affected by mine shortages, and demand has long - term support from emerging sectors [20]. - **Strategy View**: Tin supply and demand are in a tight balance, and it is recommended to go long on dips. Reference operating ranges are given [21]. Carbonate Lithium - **Market Information**: Carbonate lithium prices rose. Futures contract prices and spot price changes are presented [22]. - **Strategy View**: The market is dominated by bulls. Attention should be paid to potential price fluctuations, and a reference operating range is given [22]. Alumina - **Market Information**: Alumina prices fell. Inventory, positions, and price differentials are provided [23]. - **Strategy View**: Overseas mine prices may decline, and alumina has a surplus. It is recommended to wait and see, and a reference operating range is given [25]. Stainless Steel - **Market Information**: Stainless steel prices fell. Spot prices, positions, and inventory changes are presented [26]. - **Strategy View**: The supply - demand imbalance persists, and prices are expected to continue to decline [27]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices stabilized. Inventory, positions, and price differentials are provided [28]. - **Strategy View**: The cost has support, and prices are expected to follow aluminum prices [29]. Black Building Materials Steel - **Market Information**: Steel prices fell. Futures contract prices, positions, and spot price changes are presented [31]. - **Strategy View**: Steel demand is in the off - season. Prices are expected to be weak in the short term but may improve with policy implementation [32]. Iron Ore - **Market Information**: Iron ore prices changed slightly. Futures contract prices, positions, and spot price changes are presented [33]. - **Strategy View**: Supply is increasing, and demand has a marginal increase. Prices are expected to oscillate in the short term [34]. Glass and Soda Ash - **Market Information**: Glass and soda ash prices fell. Inventory, positions, and spot price changes are presented [35][37]. - **Strategy View**: Glass supply exceeds demand, and prices are expected to be weak. Soda ash prices are expected to oscillate at a low level [36][38]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon and ferrosilicon prices fell. Futures contract prices, positions, and spot price changes are presented [39]. - **Strategy View**: For the black sector, it may be more cost - effective to look for rebound opportunities. Manganese silicon and ferrosilicon have different fundamentals and trading suggestions [41][42]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose, and polysilicon prices also changed. Futures contract prices, positions, and spot price changes are presented [43][45]. - **Strategy View**: Industrial silicon may have a "supply - demand double - weak" pattern. Polysilicon prices are expected to oscillate in a wide range [44][46]. Energy and Chemicals Rubber - **Market Information**: Rubber prices oscillated and rebounded. Supply and demand factors, inventory, and spot prices are presented [48][50][51]. - **Strategy View**: A short - term long - biased trading strategy is recommended, and a hedging suggestion is provided [52]. Crude Oil - **Market Information**: Crude oil prices rose, and related refined oil prices changed. Inventory changes are presented [53]. - **Strategy View**: Oil prices are not recommended to be overly shorted in the short term. A wait - and - see strategy is suggested [54]. Methanol - **Market Information**: Methanol prices fell. Futures contract prices, positions, and spot price changes are presented [55]. - **Strategy View**: High port inventory and supply - demand imbalance put pressure on prices. A wait - and - see strategy is recommended [55]. Urea - **Market Information**: Urea prices changed slightly. Futures contract prices, positions, and spot price changes are presented [56]. - **Strategy View**: The market is sensitive to news. Urea prices are expected to oscillate and bottom out [57]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices changed. Cost, supply, demand, and inventory factors are presented [58]. - **Strategy View**: Benzene supply is under pressure, and styrene prices may stop falling [59]. PVC - **Market Information**: PVC prices fell. Futures contract prices, positions, and spot price changes are presented [60]. - **Strategy View**: Supply exceeds demand, and export expectations are weak. A short - selling strategy is recommended [61]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fell. Futures contract prices, positions, and spot price changes are presented [62]. - **Strategy View**: Supply is high, and inventory is expected to accumulate. A short - selling strategy is recommended [63]. PTA - **Market Information**: PTA prices rose. Futures contract prices, positions, and spot price changes are presented [64]. - **Strategy View**: Supply may accumulate, and demand has limited improvement. Attention should be paid to potential upward trends [65]. p - Xylene - **Market Information**: p - Xylene prices rose. Futures contract prices, positions, and spot price changes are presented [66]. - **Strategy View**: p - Xylene inventory may accumulate slightly in November. Attention should be paid to potential upward trends [68]. Polyethylene (PE) - **Market Information**: PE prices changed. Futures contract prices, positions, and spot price changes are presented [69]. - **Strategy View**: PE prices are expected to oscillate at a low level [70]. Polypropylene (PP) - **Market Information**: PP prices rose. Futures contract prices, positions, and spot price changes are presented [71]. - **Strategy View**: PP prices may be supported in the first quarter of next year [72]. Agricultural Products Live Pigs - **Market Information**: Pig prices rose slightly. Supply and demand factors are presented [75]. - **Strategy View**: Supply is expected to be high before the Spring Festival. A short - selling strategy is recommended, and an anti - arbitrage strategy is preferred [76]. Eggs - **Market Information**: Egg prices were stable or fell. Supply and demand factors are presented [77]. - **Strategy View**: Egg prices are expected to oscillate in the short term and a short - selling strategy is recommended in the medium term [78]. Soybean and Rapeseed Meal - **Market Information**: Soybean and rapeseed meal prices changed. Supply and demand factors are presented [79]. - **Strategy View**: Import costs have a bottom, and meal prices are expected to oscillate [82]. Oils and Fats - **Market Information**: Oil and fat prices changed. Supply and demand factors are presented [83]. - **Strategy View**: Palm oil prices are expected to oscillate, and a long - biased strategy can be considered if production declines [84]. Sugar - **Market Information**: Sugar prices fell. Supply and demand factors are presented [85]. - **Strategy View**: Sugar prices are expected to be weak, and a short - selling strategy is recommended [87]. Cotton - **Market Information**: Cotton prices rebounded slightly. Supply and demand factors are presented [88]. - **Strategy View**: Cotton prices are expected to oscillate in the short term due to weak demand and high supply [90].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated November 20, 2025 [1] - It covers various energy and chemical option types, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others (rubber) [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of multiple underlying futures contracts, such as crude oil (SC2601), LPG (PG2601), and methanol (MA2601) [3] Group 3: Option Factors - Volume and Open Interest PCR - It presents the volume and open interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of option underlyings are analyzed from the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Strategy and Recommendations Crude Oil Options - Fundamental analysis shows that US crude oil inventories have different changes, with an increase in total, strategic, and commercial inventories and a decrease in Cushing inventories [7] - The price trend has been volatile, with different trends in each month from August to November [7] - Option factor research indicates that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively [7] - Recommended strategies include a volatility strategy of selling a bearish call + put option combination and a spot long - hedging strategy of constructing a long collar [7] LPG Options - The LPG market is firm, with supply tightening recently. The price trend has also been volatile from August to November [9] - Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4500 and 4250 [9] - Recommended strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy of constructing a long collar [9] Methanol Options - The supply of methanol may increase, and the price has shown a weak trend since August [9] - Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 [9] - Recommended strategies include a directional strategy of constructing a bearish put spread, a volatility strategy of selling a bearish call + put option combination, and a spot long - hedging strategy of constructing a long collar [9] Ethylene Glycol Options - The supply of ethylene glycol has increased, and the price has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 [10] - Recommended strategies include a directional strategy of constructing a bearish put spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy [10] Polypropylene Options - The production of polypropylene has increased, and the price has been weak. Option factors show that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 [10] - Recommended strategies include a directional strategy of constructing a bearish put spread and a spot long - hedging strategy [10] Rubber Options - The tire production capacity utilization rate has different changes, and the rubber price has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 15000 [11] - Recommended strategies include a volatility strategy of selling a bearish call + put option combination [11] PTA Options - The PTA load has been adjusted, and the price has shown a rebound with pressure. Option factors show that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 [11] - Recommended strategies include a volatility strategy of selling a neutral call + put option combination [11] Caustic Soda Options - The production capacity utilization rate of caustic soda has changed regionally, and the price has been weak. Option factors show that the implied volatility is at a high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2200 [12] - Recommended strategies include a directional strategy of constructing a bearish spread and a spot long - hedging strategy of constructing a long collar [12] Soda Ash Options - The inventory of soda ash has increased year - on - year, and the price has been in a low - level weak consolidation. Option factors show that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 [12] - Recommended strategies include a directional strategy of constructing a bearish spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy of constructing a long collar [12] Urea Options - The enterprise inventory of urea has decreased, and the price has shown a rebound from low - level consolidation. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 [13] - Recommended strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy [13] Group 7: Option Charts - The report includes various option charts for different underlying assets, such as price trend charts, trading volume and open interest charts, open interest PCR and trading volume PCR charts, and implied volatility charts for crude oil, LPG, methanol, etc. [14][35][55]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils showing a weak and volatile pattern, while agricultural by - products and soft commodities like sugar and cotton maintain a volatile or weak - consolidation trend [2]. - For investment strategies, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Multiple agricultural product futures show price changes. For example, the price of soybean No.1 (A2601) is 4,128, down 23 (-0.55%); soybean No.2 (B2601) is 3,742, down 15 (-0.40%); etc. [3]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open - interest PCR values. For instance, the volume PCR of soybean No.1 is 0.48, and the open - interest PCR is 1.16 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 4,200, and the support point is 4,050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility varies among different option varieties. For example, the implied volatility of soybean No.1 is 11.405 (at - the - money implied volatility) [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamentals show that Brazilian soybean planting progress is slow, and the market has formed a pattern of oversold rebound. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is below 0.70. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal**: The fundamentals show changes in trading volume, delivery volume, basis, and inventory. The market shows a pattern of oversold rebound. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9]. - **Palm Oil**: The fundamentals show that the spot basis of oils has increased slightly, and the total inventory is decreasing. The market shows a pattern of low - level consolidation. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is above 1.00. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9]. - **Peanuts**: The fundamentals show that the price of peanut oil is stable, and the peanut market is affected by factors such as farmers' reluctance to sell. The market shows a pattern of weak consolidation under bearish pressure. Option - related factors indicate that the implied volatility is at a relatively high historical level, and the open - interest PCR is below 0.60. Strategies include a long - collar strategy for spot hedging [10]. 3.5.2 Agricultural By - products Options - **Pigs**: The fundamentals show that the spot price of pigs has decreased, and the market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility is above the historical average, and the open - interest PCR is below 0.50. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - covered strategy [10]. - **Eggs**: The fundamentals show changes in the inventory of laying hens. The market shows a pattern of rebound and slight consolidation under pressure. Option - related factors indicate that the implied volatility is at a relatively high level, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy [11]. - **Apples**: The fundamentals show that the apple storage is nearing completion, and the inventory is lower than in previous years. The market shows a pattern of continuous rebound and high - level consolidation under pressure. Option - related factors indicate that the implied volatility is above the historical average, and the open - interest PCR is above 0.90. Strategies include constructing a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11]. - **Jujubes**: The fundamentals show that the purchase price of jujubes in different regions has changed, and the market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility has risen rapidly to above the historical average, and the open - interest PCR is below 0.50. Strategies include constructing a short - biased short - strangle option combination strategy and a long - covered hedging strategy [12]. 3.5.3 Soft Commodities Options - **Sugar**: The fundamentals show an increase in sugar production in Brazil's central - southern region and India's sugar export policy. The market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility is at a relatively low historical level, and the open - interest PCR is around 0.60. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12]. - **Cotton**: The fundamentals show the progress of cotton picking, delivery, processing, and sales. The market shows a short - term weak pattern. Option - related factors indicate that the implied volatility is at a relatively low level, and the open - interest PCR is below 1.00. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - covered strategy [13]. 3.5.4 Grains Options - **Corn**: The fundamentals show an increase in the national average price of corn. The market shows a pattern of weak rebound under pressure. Option - related factors indicate that the implied volatility is at a relatively low historical level, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy [13].