商品期权周报：2026 年第 2 周-20260111

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The trading activity in the commodity options market continued to increase this week, with daily average trading volume reaching 9.41 million lots and daily average open interest at 8.63 million lots, showing week - on - week changes of +15.16% and +20.23% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - Most commodity option underlying assets rose this week. High - gain varieties included lithium carbonate (+17.96%), silver (+9.70%), tin (+9.17%); high - loss varieties included polysilicon (-11.43%) and industrial silicon (-1.64%) [2][14]. - Most commodity options' implied volatility increased this week. Varieties with high implied volatility are at historical highs, suggesting caution against unilateral risks and attention to short - volatility opportunities; urea, with low implied volatility, has high cost - effectiveness for buying options [2][14]. - Different varieties show different market sentiment. Some have high PCR values, indicating a concentrated short - term or long - term bearish sentiment, while others have low PCR values, indicating a concentrated bullish sentiment [3][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week (2026.01.05 - 2026.01.09), the daily average trading volume was 9.41 million lots, and the daily average open interest was 8.63 million lots, with week - on - week changes of +15.16% and +20.23% respectively [1][7]. - Actively traded varieties included lithium carbonate (930,000 lots), glass (820,000 lots), and PTA (690,000 lots). Varieties with significant trading volume growth were aluminum alloy (+198%), industrial silicon (+171%), and crude oil (+161%); those with significant decline were p - xylene (-93%) and silver (-52%) [1][7]. - High - open - interest varieties were glass (680,000 lots), soda ash (570,000 lots), and PTA (460,000 lots). Asphalt had a rapid week - on - week increase in open interest (+142%) [1][7]. 3.2 This Week's Key Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Most underlying assets of commodity options rose this week. High - gain varieties were lithium carbonate (+17.96%), silver (+9.70%), tin (+9.17%); high - loss varieties were polysilicon (-11.43%) and industrial silicon (-1.64%) [2][14]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. 52 varieties' current implied volatility was above the 50th percentile of the past year. Varieties with significant increases in implied volatility included nickel (+13.51pct), aluminum (+12.05pct), silver (+10.64pct), lithium carbonate (+10.44pct), and tin (+10.36pct) [2][14]. - Varieties with high implied volatility at historical highs included non - ferrous metals, corn, plastics, PTA, etc.; those with low implied volatility at historical lows included urea [2][14]. 3.2.3 Options Market Sentiment - Varieties such as lithium carbonate, staple fiber, rapeseed meal, and tin had high trading volume PCR values, indicating a concentrated short - term bearish sentiment; varieties like live pigs, crude oil, iron ore, and rebar had low trading volume PCR values, indicating a concentrated bullish sentiment [3][15]. - Varieties such as lithium carbonate, silver, p - xylene, and rapeseed meal had high open - interest PCR values, indicating a high - level bearish sentiment; varieties like palm oil, ethylene glycol, live pigs, and crude oil had low open - interest PCR values, indicating a bullish sentiment [3][15]. 3.3 Key Data Overview of Major Varieties - This chapter presents key data of major 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/) [19]. 3.3.1 Energy - Data on trading volume, volatility, open - interest PCR, and trading volume PCR of energy varieties such as crude oil, LPG, asphalt, fuel oil, etc., are presented in the report [16]. 3.3.2 Chemicals - For PTA,烧碱, glass, soda ash and other chemical varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18]. 3.3.3 Precious Metals - Data on trading volume, volatility, open - interest PCR, and trading volume PCR of precious metals such as silver and gold are presented [16][18]. 3.3.4 Ferrous Metals - For iron ore, manganese silicon and other ferrous metal varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18]. 3.3.5 Non - Ferrous Metals - For copper, aluminum and other non - ferrous metal varieties, data on trading volume, volatility, open - interest PCR, and trading volume PCR are presented [16][18]. 3.3.6 Agricultural Products - For soybean meal, palm oil, cotton and other agricultural products, data on trading volume, volatility, open - interest PCR, and trading volume PCR are provided [16][18].