商品期权日报 1222：商品期权成交量 509 万张，PTA 期权 IV 上升 2.26%-20251222

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The trading volume of commodity options reached 5 million and 90 thousand contracts. The trading volume of silver options was 1 million and 240 thousand contracts, and those of PTA options and lithium carbonate options were 560 thousand and 260 thousand contracts respectively. In terms of open interest, the open interest of silver options exceeded 520 thousand contracts, and that of soda ash options exceeded 400 thousand contracts. In terms of the trading volume PCR, some varieties deviated significantly, such as apple options with a PCR of 2.12 and peanut options with a PCR of only 0.25 [3]. - The IV of PTA options rose by 2.26%. Among agricultural products, the IV of cotton options rose by 0.38%, and that of apple options fell by 2.05%. Among energy and chemical varieties, the IV of PTA options rose by 2.26%, and that of synthetic rubber options fell by 1.44%. Among metal varieties, the IV of each variety fluctuated, with the IV of Shanghai silver options falling by 3.57% [3]. Group 3: Summary According to the Table of Contents 1. Market Quick View 1.1 Trading Volume and Open Interest - The report presents the trading volume, open - interest, and other data of various commodity options, including details such as the trading volume of认购 and认沽, open interest of认购 and认沽, trading volume PCR, and open - interest PCR for each variety [6]. 1.2 Volatility - The report shows the IV change, historical volatility (30 - day, 60 - day, 90 - day), and the difference between implied and historical volatility (隐历差) of various commodity options. For example, the IV of PTA options rose by 2.26%, and its historical volatility for 30 days was 14.49% [12]. 2. Variety Research - For each option variety (such as soybean meal options, rapeseed meal options, PTA options, etc.), the report provides charts of volatility smile curves, volatility term structures, the IV trend in the past month, and the trend of the difference between implied and historical volatility in the past month [16][20][24].