商品期权周报：2025年第23周-20250608

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The trading volume and open interest of the commodity options market increased this week, with daily average trading volume reaching 6.11 million lots and daily average open interest reaching 9.69 million lots, up 12% and 14% respectively from the previous week. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - Most of the underlying futures of commodity options rose this week, with 34 varieties closing higher. High - gain varieties include silver, tin, and crude oil, while high - loss varieties include caustic soda, urea, and industrial silicon [2][15]. - Most commodity implied volatilities declined this week, with 42 varieties seeing a decline in implied volatility. High - volatility varieties include logs and plastics, while low - volatility varieties include vegetable oils, sugar, corn, and iron ore. Different trading strategies are recommended for different volatility levels [2][15]. - The trading volume PCR of some varieties is at a historical high, indicating strong short - term bearish sentiment, while the trading volume PCR of others is at a historical low, showing concentrated short - term bullish sentiment. Similar situations exist for the open interest PCR, reflecting the accumulation of bullish or bearish sentiment in the market [2][15]. 3. Summary According to the Table of Contents 3.1 Commodity Options Market Activity - The trading volume and open interest of the commodity options market increased this week. Actively traded varieties in terms of daily average trading volume include PTA, industrial silicon, and glass. Varieties with significant trading volume growth are rapeseed oil and polysilicon, while those with significant declines are p - xylene and gold. High - open - interest varieties include soybean meal, soda ash, and glass, and varieties with rapid open - interest growth are tin, synthetic rubber, and nickel [1][8]. 3.2 Commodity Options Main Data Review - Underlying Price Movements: 34 varieties of underlying futures of commodity options closed higher this week. High - gain varieties are silver (+7.69%), tin (+5.31%), and crude oil (+4.06%), while high - loss varieties are caustic soda (-4.93%), urea (-2.99%), and industrial silicon (-2.42%) [2][15]. - Market Volatility: Most commodity implied volatilities declined, with 42 varieties having a decline in implied volatility and 33 varieties having their current implied volatility below the historical 50% quantile. High - volatility varieties include logs and plastics, and low - volatility varieties include vegetable oils, sugar, corn, and iron ore [2][15]. - Options Market Sentiment: The trading volume PCR of rapeseed oil, rapeseed meal, soybean meal, and rubber is at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of silver, copper, and styrene is at a historical low, showing concentrated short - term bullish sentiment. The open interest PCR of ethylene glycol, cotton, and rebar is at a historical high, indicating high - level bearish sentiment, while that of styrene, caustic soda, rubber, gold, glass, and soda ash is at a historical low, indicating accumulated bullish sentiment [2][15]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. - Energy: Key data of energy varieties such as crude oil are presented, including trading volume, volatility, and options market sentiment indicators [20]. - Chemicals: Key data of chemical varieties such as PTA, caustic soda, glass, and soda ash are presented, including trading volume, volatility, and options market sentiment indicators [25][34][42][48]. - Precious Metals: Key data of precious metal varieties such as silver are presented, including trading volume, volatility, and options market sentiment indicators [55]. - Ferrous Metals: Key data of ferrous metal varieties such as iron ore and manganese silicon are presented, including trading volume, volatility, and options market sentiment indicators [61][69]. - Non - ferrous Metals: Key data of non - ferrous metal varieties such as copper and alumina are presented, including trading volume, volatility, and options market sentiment indicators [77][85]. - Agricultural Products: Key data of agricultural product varieties such as soybean meal, palm oil, and cotton are presented, including trading volume, volatility, and options market sentiment indicators [94][102][116].