东证期货商品期权周报-20260104

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The trading volume of the commodity options market increased slightly this week, with an average daily trading volume of 8.17 million lots and an average daily open interest of 7.17 million lots, showing week - on - week changes of +10.16% and +5.30% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed price movements. Some varieties with high weekly increases include nickel (+4.81%), glass (+2.84%), and soybeans No. 1 (+2.74%); those with high weekly decreases include lithium carbonate (-6.85%), silver (-6.74%), and tin (-4.62%) [2][14]. - Most commodity options' implied volatility increased weekly. For varieties with implied volatility at a historical high, investors should be wary of one - sided risks and consider short - volatility opportunities; for those at a historical low, buying options has a higher cost - performance ratio [2][14]. - The PCR of trading volume and open interest of different varieties reflects different market sentiment. Some varieties have a concentrated short - term bearish or bullish sentiment [2][14]. Summary by Relevant Catalogs 1. Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.17 million lots, and the average daily open interest was 7.17 million lots, with week - on - week changes of +10.16% and +5.30% respectively [1][7]. - The actively traded varieties in terms of daily average trading volume this week included silver (1.11 million lots), PTA (0.64 million lots), and p - xylene (0.64 million lots) [1][7]. - Five varieties had a trading volume increase of over 100%, with significant growth in p - xylene (+292%), pure benzene (+122%), and cotton (+107%) [1][7]. - Varieties with a significant decline in trading volume were pulp (-74%), rebar (-59%), and bitumen (-57%) [1][7]. - The varieties with high average daily open interest this week were glass (0.54 million lots), soda ash (0.48 million lots), and cotton (0.38 million lots). Ethylene glycol had a rapid week - on - week increase in open interest (+118%) [1][7]. 2. This Week's Main Data Review of Commodity Options 2.1 Underlying Price Movements - Varieties with high weekly increases included nickel (+4.81%), glass (+2.84%), and soybeans No. 1 (+2.74%) [2][14]. - Varieties with high weekly decreases included lithium carbonate (-6.85%), silver (-6.74%), and tin (-4.62%) [2][14]. 2.2 Market Volatility - Most commodity options' implied volatility increased weekly, and 45 varieties' current implied volatility was above the 50th percentile of the past year [2][14]. - Varieties with implied volatility at a historical high included silver, nickel, aluminum, copper, pulp, cotton, and plastic. Those at a historical low included iron ore and soybean oil [2][14]. 2.3 Options Market Sentiment - The trading volume PCR of lithium carbonate, tin, and apple was at a historical high, indicating a concentrated short - term bearish sentiment. The trading volume PCR of zinc, polypropylene, live pigs, cotton, and methanol was at a one - year low, indicating a concentrated bullish sentiment [2][14]. - The open interest PCR of lithium carbonate, silver, and p - xylene was at a historical high, while that of alumina, plastic, ethylene glycol, zinc, and aluminum was at a one - year low, reflecting different levels of bullish and bearish sentiment [2][14]. 3. Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. Detailed data of more varieties can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. 3.1 Energy - Relevant data charts such as total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil are provided [21][22]. 3.2 Chemicals - PTA: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [27][33]. - Caustic Soda: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [36][38]. - Glass: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [43][44]. - Soda Ash: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [49][51]. 3.3 Precious Metals - Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR of silver are provided [58][59]. 3.4 Ferrous Metals - Iron Ore: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [72][68]. - Manganese Silicide: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [74][75]. 3.5 Non - Ferrous Metals - Copper: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [81][87]. - Aluminum: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [90][93]. 3.6 Agricultural Products - Soybean Meal: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [97][100]. - Palm Oil: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [103][104]. - Cotton: Data charts of total trading volume, volatility, open interest PCR, and trading volume PCR are provided [109][110].