商品期权周报：2025年第48周-20251130

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (from November 24 to November 28, 2025), the trading volume of the commodity options market declined slightly. The average daily trading volume was 7.71 million lots, and the average daily open interest was 10.47 million lots, with环比 changes of -9.63% and +2.79% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, most of the underlying futures of commodity options rose, with 47 varieties closing lower on a weekly basis. The varieties with relatively high weekly increases included silver (+8.96%), glass (+6.69%), and methanol (+6.54%); the variety with a relatively high weekly decline was ferrosilicon (-1.50%) [2][16]. - This week, the implied volatility of 37 commodity options increased on a weekly basis, and 21 varieties' current implied volatility was above the 50th percentile of the past year's history. For varieties with implied volatility at a historical high, investors should be wary of unilateral risks and consider short - selling volatility opportunities; for those at a historical low, buying options has a higher cost - performance ratio [2][16]. - Currently, the trading volume PCR of iron ore and asphalt is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of aluminum, cotton, rubber, soda ash, etc. is at a one - year low, indicating a concentrated bet on an increase. The open interest PCR of paraxylene, lithium carbonate, and iron ore is at a historical high, while that of gold, aluminum, palm oil, ethylene glycol, etc. is at a one - year low [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week, the average daily trading volume of actively traded varieties mainly included glass (730,000 lots), lithium carbonate (700,000 lots), and silver (640,000 lots). There were 3 varieties with a trading volume increase of over 100%, namely peanuts (+222%), corn starch (+154%), and corn (+116%). The varieties with a significant decline in trading volume were silver (-67%), soybean No. 2 (-62%), and aluminum alloy (-59%) [1][8]. - The varieties with relatively high average daily open interest this week were glass (1.13 million lots), soda ash (910,000 lots), and soybean meal (830,000 lots). The varieties with a relatively rapid increase in average daily open interest were bottle chips (+48%), industrial silicon (+38%), and corn starch (+35%) [1][8]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - Most of the underlying futures of commodity options rose this week, with 47 varieties closing lower on a weekly basis. The varieties with relatively high weekly increases included silver (+8.96%), glass (+6.69%), and methanol (+6.54%); the variety with a relatively high weekly decline was ferrosilicon (-1.50%) [2][16]. 3.2.2 Market Volatility - This week, the implied volatility of 37 commodity options increased on a weekly basis, and 21 varieties' current implied volatility was above the 50th percentile of the past year's history. The implied volatility of silver and Shanghai tin increased by 5.06 and 4.50 percentage points respectively. Varieties with implied volatility at a historical high included silver, plastic, polypropylene, methanol, and live pigs; those at a historical low included zinc, manganese silicon, urea, and rebar [2][16]. 3.2.3 Options Market Sentiment - Currently, the trading volume PCR of iron ore and asphalt is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of aluminum, cotton, rubber, soda ash, etc. is at a one - year low, indicating a concentrated bet on an increase. The open interest PCR of paraxylene, lithium carbonate, and iron ore is at a historical high, while that of gold, aluminum, palm oil, ethylene glycol, etc. is at a one - year low [2][16]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents the key data of main varieties, including trading situations, volatility, and options market sentiment indicators. More detailed data of varieties can be accessed on the official website of Dongzheng Fanwei (https://www.finoview.com.cn/) [20].