商品期权周报：2025年第31周-20250803

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The commodity options market remained highly active this week, with an average daily trading volume of 10.36 million lots and an average daily open interest of 11.49 million lots, showing a -11.14% and +12.58% change respectively. Traders are advised to focus on potential market opportunities in actively - traded varieties [1][8]. - This week, the underlying futures of commodity options pulled back, with 44 varieties closing lower. High - volatility risks should be noted, and short - selling volatility opportunities are recommended. Attention should also be paid to the callback risks of underlying prices and the accumulation of bullish or bearish sentiment in different varieties [2][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 10.36 million lots, and the average daily open interest was 11.49 million lots, with a -11.14% and +12.58% change respectively. The market speculation degree was relatively high [1][8]. - Actively - traded varieties in terms of average daily trading volume included glass (1.73 million lots), soda ash (1.3 million lots), and polysilicon (0.88 million lots). Varieties with significant trading volume growth were p - xylene (+158%), red dates (+157%), and apples (+144%), while those with significant declines were tin (-88%) and synthetic rubber (-85%) [1][8]. - Varieties with high average daily open interest were glass (1.24 million lots), soda ash (1.2 million lots), and soybean meal (1.03 million lots). Varieties with rapid open - interest growth were ferrosilicon (+68%) and LPG (+60%) [1][8]. 3.2 Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - This week, the underlying futures of commodity options pulled back, with 44 varieties closing lower. Varieties with high weekly declines included glass (-19.09%), lithium carbonate (-14.41%), soda ash (-12.78%), and industrial silicon (-12.60%) [2][17]. 3.2.2 Market Volatility - The implied volatility of commodity options declined from a high level this week. 34 varieties' current implied volatility was below the 50% percentile of the past - year history. Varieties with high implied volatility included polysilicon, lithium carbonate, ferrosilicon, and industrial silicon [2][17]. 3.2.3 Options Market Sentiment - The volume PCR of varieties such as staple fiber, copper, and p - xylene was at a historical high, indicating strong short - term bearish sentiment. The volume PCR of gold, oilseeds, and synthetic rubber was at a historical low, showing concentrated short - term bullish sentiment [2][17]. - The open - interest PCR of polysilicon, lithium carbonate, and soda ash was at a historical high, indicating a high level of accumulated bearish sentiment. The open - interest PCR of nickel, LPG, and rubber was at a historical low, indicating accumulated bullish sentiment [2][17]. 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/) [21].