商品期权周报：商品隐波高位回落-20250511

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The trading volume and open interest of the commodity options market recovered this week. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - Most commodity option underlying assets declined this week. Many varieties' implied volatility dropped, presenting short - volatility opportunities. Different varieties show varying market sentiment based on volume PCR and open interest PCR [2][14]. 3. Section Summaries 3.1 Commodity Option Market Activity - From May 5th to May 9th, 2025, the daily average trading volume was 5.5151 million lots, up 21.28% week - on - week, and the daily average open interest was 7.8 million lots, up 18.18% week - on - week [1][7]. - Actively traded varieties in terms of daily average trading volume include PTA, soda ash, and glass. Notable volume - increasing varieties are polysilicon, caustic soda, and lithium carbonate, while p - xylene had a significant volume decline [1][7]. - Varieties with high daily average open interest are soybean meal, glass, and soda ash. Those with rapid open - interest growth are urea, polysilicon, and Shanghai lead [1][7]. 3.2 This Week's Commodity Option Main Data Review - Underlying asset price changes: 32 varieties closed down. High - gain varieties are p - xylene, alumina, and PTA; high - loss varieties are lithium carbonate, glass, and polysilicon [2][14]. - Market volatility: Most commodity implied volatility declined. 47 varieties' implied volatility decreased week - on - week, and 31 varieties' current implied volatility is below the historical 50% quantile. High - implied - volatility varieties include polysilicon, gold, and soybean No.1 [2][14]. - Option market sentiment: Varieties like silver, rebar, and PVC have high volume PCR, indicating strong short - term bearish sentiment. Synthetic rubber, styrene, and alumina have low volume PCR, showing concentrated short - term bullish sentiment. PTA, polypropylene, cotton, and rapeseed meal have high open - interest PCR, suggesting accumulated bearish sentiment, while natural rubber has low open - interest PCR, indicating accumulated bullish sentiment [2][14]. 3.3 Key Data Overview of Major Varieties - This chapter presents key data of major varieties such as trading, volatility, and option market sentiment indicators. More detailed data can be found on the Dongzheng Fanyi official website [19]. - It further divides into sub - sections for energy, chemicals, precious metals, ferrous metals, non - ferrous metals, and agricultural products, each with corresponding data charts for trading volume, volatility, open - interest PCR, and volume PCR of specific varieties [20][25][55][63][80][97].