期权策略周报 0703：碳酸锂买入看涨期权收益显著，原油期权领口策略效果较好-20250704

Report Title - Option Strategy Weekly Report 0703: Significant Gains in Lithium Carbonate Call Options and Good Performance of Crude Oil Option Collar Strategy [1] Core Viewpoints - In the past week, lithium carbonate had a large increase, and the return on buying call options was significant, with a yield of 4.05%. Industrial silicon, iron ore and other varieties also gained significantly from buying call options. Among them, due to the increase in volatility of industrial silicon options, buying straddle/strangle options also resulted in significant profits. For some varieties with large declines, the collar strategy had a good hedging effect. For example, LPG declined by 1.06%, and the yield of its collar strategy was -0.22% [3] Strategy Performance Overview Strategy Yield Table 1 - This table shows the weekly yields of various commodity option strategies, including call options, put options, straddle options, strangle options, bull spreads, bear spreads, etc., for different varieties such as soybean meal, corn, palm oil, etc. [5] Strategy Yield Table 2 - This table presents the weekly yields of other commodity option strategies, including call ratio spreads, put ratio spreads, covered strategies, insurance strategies, collar strategies, synthetic futures, etc., for different varieties [6] Strategy Analysis Call Options - The report provides a distribution chart of the yields of buying call options for mainstream varieties, with a note that the strike price for buying call options is selected as one - step out - of - the - money. It also shows the price trends and net values of mainstream varieties in the past month [7][8][10] Put Options - A distribution chart of the yields of buying put options for mainstream varieties is given, with the strike price for buying put options selected as one - step out - of - the - money. The price trends and net values of mainstream varieties in the past month are also presented [11][14][13] Straddle Options - A distribution chart of the yields of buying straddle options for mainstream varieties is shown, with the strike price for buying straddle options selected as at - the - money. The price trends and net values of mainstream varieties in the past month are provided [15][19][16] Strangle Options - A distribution chart of the yields of buying strangle options for mainstream varieties is presented, with the strike price for buying strangle options selected as one - step out - of - the - money. The price trends and net values of mainstream varieties in the past month are shown [20][23][21] Bull Spreads - A distribution chart of the yields of buying bull spreads for mainstream varieties is provided. The strategy involves buying one - step in - the - money call options and selling one - step out - of - the - money call options. The price trends and net values of mainstream varieties in the past month are given [25][28][26] Bear Spreads - A distribution chart of the yields of buying bear spreads for mainstream varieties is shown. The strategy involves buying one - step in - the - money put options and selling one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are presented [29][32][34] Call Ratio Spreads - A distribution chart of the yields of buying call ratio spreads for mainstream varieties is provided. The strategy involves buying 1 contract of one - step in - the - money call options and selling 1 contract of one - step out - of - the - money call options. The price trends and net values of mainstream varieties in the past month are given [35][37][39] Put Ratio Spreads - A distribution chart of the yields of buying put ratio spreads for mainstream varieties is presented. The strategy involves buying 1 contract of one - step in - the - money put options and selling 2 contracts of one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are shown [40][41][42] Covered Strategies - A distribution chart of the yields of covered strategies for mainstream varieties is provided. The strategy is constructed by holding a long position in the underlying asset and selling one - step out - of - the - money call options. The price trends and net values of mainstream varieties in the past month are given [43][45][46] Insurance Strategies - A distribution chart of the yields of insurance strategies for mainstream varieties is shown. The strategy is constructed by holding a long position in the underlying asset and buying one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are presented [47][48][49] Collar Strategies - A distribution chart of the yields of collar strategies for mainstream varieties is provided. The strategy is constructed by holding a long position in the underlying asset, selling one - step out - of - the - money call options, and buying one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are given [50][52][53] Synthetic Futures - A distribution chart of the yields of synthetic futures for mainstream varieties is presented. The strategy is constructed by holding a long position in the underlying asset, selling one - step out - of - the - money call options, and buying one - step in - the - money put options with the same strike price. The price trends and net values of mainstream varieties in the past month are shown [55][58][56]