商品期权周报-20251012

Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - After the holiday until the daytime closing on Friday, the trading volume of commodity options decreased, and implied volatility (IV) almost declined across the board. On Friday night, macro - information increased market panic, and it is expected that IV will rise significantly in the short term. There are many end - of - life game opportunities for option buyers of expiring options on Monday (bottle chips, rapeseed meal, PTA, caustic soda, rapeseed oil, cotton, short - fiber, soda ash, methanol, glass, and sugar near - month contracts) and Wednesday (crude oil near - month contract). Attention should be paid to the risks of rising volatility and being exercised [4]. - Agricultural products are relatively less affected. Beans may have price - rising opportunities due to import constraints, and the IV of corresponding bean options is relatively low, which can be observed as long - term option - buying layout varieties, and call options can be bought at an appropriate time [4]. - Under the weak fundamental and macro - environment of some non - ferrous and new - energy varieties, more call options can be sold to obtain income, and put options can be bought for directional trading or hedging [4]. - For varieties with strong fundamentals, volatility can be observed, and out - of - the - money put options can be sold at low prices and high volatility to gradually build long positions [4]. 3. Summary According to the Directory 3.1 Market Overview - The overall trading volume of the commodity option market this week was 6,438,734, a decrease of 0.11% from last week, and the open interest was 9,557,880, an increase of 0.17% from last week. Among them, the trading volume of agricultural products was 1,599,862.75, an increase of 0.39% from last week; the trading volume of energy and chemical products was 2,661,095.25, a decrease of 0.01% from last week; the trading volume of black metals was 401,971.5, a decrease of 0.46% from last week; the trading volume of precious metals was 604,400.75, a decrease of 1.48% from last week; the trading volume of non - ferrous and new - energy varieties was 1,171,403.75, an increase of 0.3% from last week [7]. 3.2 Corn Options - The closing price of the main contract c2511 was 2125, down 53, with 10 trading days remaining. The total trading volume this week was 124,100, an increase of 13,703 from last week, and the open interest was 383,371, an increase of 15,154 from last week. The IV of at - the - money options decreased from 10.62 to 9.82 [15]. 3.3 Soybean Meal Options - The closing price of the main contract m2511 was 2900, down 5, with 10 trading days remaining. The total trading volume this week was 294,614, a decrease of 78,523 from last week, and the open interest was 1,033,413, an increase of 29,869 from last week. The IV of at - the - money options decreased from 15.24 to 11.67 [16]. 3.4 Rapeseed Meal Options - The closing price of the main contract rm2511 was 2458, up 2, with 1 trading day remaining. The total trading volume this week was 125,135, an increase of 11,621 from last week, and the open interest was 188,419, an increase of 14,047 from last week. The IV of at - the - money options decreased from 29.68 to 23.0 [17]. 3.5 Palm Oil Options - The closing price of the main contract p2511 was 9320, up 146, with 10 trading days remaining. The total trading volume this week was 137,584, a decrease of 13,943 from last week, and the open interest was 159,813, an increase of 22,108 from last week. The IV of at - the - money options decreased from 20.56 to 16.64 [18]. 3.6 Soybean Oil Options - The closing price of the main contract y2511 was 8308, up 138, with 10 trading days remaining. The total trading volume this week was 50,526, a decrease of 2,659 from last week, and the open interest was 110,669, a decrease of 6,590 from last week. The IV of at - the - money options decreased from 14.57 to 11.76 [20]. 3.7 Rapeseed Oil Options - The closing price of the main contract oi2511 was 10232, down 99, with 1 trading day remaining. The total trading volume this week was 78,760, an increase of 1,466 from last week, and the open interest was 117,792, an increase of 6,435 from last week. The IV of at - the - money options decreased from 24.53 to 14.4 [21]. 3.8 Peanut Options - The closing price of the main contract pk2511 was 7786, down 12. The total trading volume this week was 143,362, an increase of 111,981 from last week, and the open interest was 126,256, an increase of 47,710 from last week. The IV of at - the - money options decreased slightly from 14.53 to 14.38 [22]. 3.9 Yellow Soybean No. 1 Options - The closing price of the main contract a2511 was 3953, up 18, with 10 trading days remaining. The total trading volume this week was 40,498, a decrease of 6,520 from last week, and the open interest was 95,611, a decrease of 2,971 from last week. The IV of at - the - money options decreased from 11.43 to 9.58 [23]. 3.10 Yellow Soybean No. 2 Options - The closing price of the main contract b2511 was 3617, up 8, with 10 trading days remaining. The total trading volume this week was 37,607, a decrease of 4,560 from last week, and the open interest was 49,036, an increase of 12,990 from last week. The IV of at - the - money options decreased from 16.0 to 10.45 [24]. 3.11 Ethylene Glycol Options - The closing price of the main contract eg2511 was 4127, down 82, with 10 trading days remaining. The total trading volume this week was 18,246, an increase of 9,615 from last week, and the open interest was 38,874, an increase of 10,430 from last week. The IV of at - the - money options decreased from 14.22 to 11.61 [25]. 3.12 Styrene Options - The closing price of the main contract eb2511 was 6743, down 206, with 10 trading days remaining. The total trading volume this week was 104,692, an increase of 25,779 from last week, and the open interest was 99,287, an increase of 25,520 from last week. The IV of at - the - money options decreased from 17.99 to 16.16 [26]. 3.13 Sugar Options - The closing price of the main contract sr2511 was 5518, up 11, with 1 trading day remaining. The total trading volume this week was 91,045, a decrease of 6,956 from last week, and the open interest was 300,087, an increase of 6,975 from last week. The IV of at - the - money options decreased from 12.39 to 10.39 [27]. 3.14 Cotton Options - The closing price of the main contract cf2601 was 13325, down 80, with 44 trading days remaining. The total trading volume this week was 214,938, an increase of 78,620 from last week, and the open interest was 490,224, an increase of 77,596 from last week. The IV of at - the - money options decreased from 11.62 to 9.57 [28]. 3.15 PTA Options - The closing price of the main contract ta2511 was 4510, down 114, with 1 trading day remaining. The total trading volume this week was 385,737, an increase of 144,364 from last week, and the open interest was 335,302, an increase of 74,644 from last week. The IV of at - the - money options decreased from 23.02 to 16.2 [29]. 3.16 PX Options - The closing price of the main contract px2512 was 6490, down 150, with 13 trading days remaining. The total trading volume this week was 16,658, a significant decrease from last week, and the open interest was 23,469, an increase of 15,242 from last week. The IV of at - the - money options decreased from 18.02 to 16.26 [30]. 3.17 Caustic Soda Options - The closing price of the main contract sh2511 was 2420, down 63. The total trading volume this week was 143,556, an increase of 50,630 from last week, and the open interest was 106,911, an increase of 21,096 from last week. The IV of at - the - money options decreased from 31.88 to 21.11 [31]. 3.18 Rubber Options - The closing price of the main contract ru2601 was 15315, down 155, with 54 trading days remaining. The total trading volume this week was 12,402, a decrease of 22,076 from last week, and the open interest was 42,424, an increase of 4,193 from last week. The IV of at - the - money options decreased from 19.89 to 18.73 [32]. 3.19 BR Rubber Options - The closing price of the main contract br2511 was 11220, down 210, with 11 trading days remaining. The total trading volume this week was 22,220, a significant decrease from last week, and the open interest was 17,469, an increase of 3,604 from last week. The IV of at - the - money options decreased from 25.7 to 21.92 [33]. 3.20 Polyethylene Options - The closing price of the main contract (assumed) was 7019, down 80, with 10 trading days remaining. The total trading volume this week was 24,028, an increase of 1,486 from last week, and the open interest was 56,346, an increase of 7,430 from last week. The IV of at - the - money options decreased from 9.89 to 8.74 [34]. 3.21 Polypropylene Options - The closing price of the main contract pp2511 was 6651, down 166, with 10 trading days remaining. The total trading volume this week was 37,271, an increase of 2,961 from last week, and the open interest was 98,340, an increase of 20,257 from last week. The IV of at - the - money options decreased from 9.64 to 9.42 [35]. 3.22 Methanol Options - The closing price of the main contract ma2511 was 2255, down 39. The total trading volume this week was 208,323, an increase of 68,535 from last week, and the open interest was 285,762, an increase of 48,102 from last week. The IV of at - the - money options decreased from 21.19 to 13.4 [36]. 3.23 Liquefied Petroleum Gas Options - The closing price of the main contract pg2511 was 4070, down 220, with 10 trading days remaining. The total trading volume this week was 42,903, a slight decrease from last week, and the open interest was 42,637, an increase of 18,342 from last week. The IV of at - the - money options decreased from 21.43 to 16.38 [37]. 3.24 PVC Options - The closing price of the main contract v2511 was 4652, down 160, with 10 trading days remaining. The total trading volume this week was 102,281, an increase of 18,834 from last week, and the open interest was 253,204, an increase of 55,006 from last week. The IV of at - the - money options decreased from 15.1 to 12.75 [38]. 3.25 Crude Oil Options - The closing price of the main contract sc2511 was 461.9, down 29.4, with 3 trading days remaining. The total trading volume this week was 72,598, an increase of 32,140 from last week, and the open interest was 45,021, an increase of 18,972 from last week. The IV of at - the - money options decreased from 41.12 to 29.34 [39]. 3.26 Iron Ore Options - The closing price of the main contract i2511 was 811.5, up 7.0, with 10 trading days remaining. The total trading volume this week was 130,400, an increase of 7,948 from last week, and the open interest was 267,334, an increase of 36,386 from last week. The IV of at - the - money options decreased from 22.03 to 17.36 [40].