商品期权周报：2026 年第 8 周-20260224

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The trading activity in the commodity options market continued to decline in the last week before the holiday (2026.02.09 - 2026.02.13), with the average daily trading volume at 6.63 million lots and the average daily open interest at 8.21 million lots, showing a month - on - month change of -22.34% and -11.72% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][9]. - The underlying assets of commodity options showed mixed performance in the last week before the holiday. The varieties with higher weekly increases included lithium carbonate (+14.84%), caustic soda (+7.47%), and soybeans No.1 (+6.76%); those with higher weekly decreases included palm oil (-3.63%), asphalt (-3.56%), and soda ash (-3.36%). The market volatility remained relatively high, with the implied volatility of 51 varieties currently above the 50th percentile of the past year. It is recommended to be vigilant against unilateral risks and focus on opportunities to short volatility [2][17]. - The PCR of trading volume of asphalt, silver, synthetic rubber, and glass is at a historical high, indicating a short - term concentrated bet on a decline; the PCR of trading volume of caustic soda and LPG is at a one - year low, indicating a concentrated bet on an increase. The PCR of open interest of asphalt, synthetic rubber, pulp, and PVC is at a historical high, showing a high level of bearish sentiment, while the PCR of open interest of palm oil, rapeseed oil, silver, gold, polysilicon, and iron ore is at a one - year low, indicating a build - up of bullish sentiment [3][18]. Group 3: Summary by Directory 1. Commodity Options Market Activity - The average daily trading volume of actively traded varieties included silver (0.83 million lots), PTA (0.6 million lots), and glass (0.34 million lots). The varieties with significant trading volume growth were soybeans No.1 (+214%) and nickel (+100%), while those with significant trading volume decline were polysilicon (-94%), fuel oil (-89%), and industrial silicon (-88%). The varieties with high average daily open interest were soybean meal (0.63 million lots), glass (0.54 million lots), and corn (0.54 million lots). The varieties with rapid month - on - month growth in open interest were soybeans No.2 (+28%) and p - xylene (+25%) [1][9]. 2. This Week's Commodity Options Main Data Review - Underlying Asset Price Changes: The underlying assets of commodity options showed mixed performance. The varieties with higher weekly increases included lithium carbonate (+14.84%), caustic soda (+7.47%), and soybeans No.1 (+6.76%); those with higher weekly decreases included palm oil (-3.63%), asphalt (-3.56%), and soda ash (-3.36%) [2][17]. - Market Volatility: The market volatility remained relatively high, with the implied volatility of 51 varieties currently above the 50th percentile of the past year. The varieties with a large month - on - month increase in implied volatility included nickel (+11.25pct), LPG (+6.78pct), and soybeans No.1 (+4.68), while those with a large month - on - month decrease included silver (-22.45pct), tin (-12.77pct), and caustic soda (-9.53pct) [2][17]. - Options Market Sentiment: The PCR of trading volume of asphalt, silver, synthetic rubber, and glass is at a historical high, indicating a short - term concentrated bet on a decline; the PCR of trading volume of caustic soda and LPG is at a one - year low, indicating a concentrated bet on an increase. The PCR of open interest of asphalt, synthetic rubber, pulp, and PVC is at a historical high, showing a high level of bearish sentiment, while the PCR of open interest of palm oil, rapeseed oil, silver, gold, polysilicon, and iron ore is at a one - year low, indicating a build - up of bullish sentiment [3][18]. 3. Key Data Overview of Main Varieties - This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data of other varieties can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [23]. - Energy: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [24][25]. - Chemicals: - PTA: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [30][31]. - Caustic Soda: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [39][40]. - Glass: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [46][47]. - Soda Ash: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [54][55]. - Precious Metals: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [63][64]. - Ferrous Metals: - Iron Ore: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [72][78]. - Manganese Silicide: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of manganese silicide [79][80]. - Non - ferrous Metals: - Copper: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [87][89]. - Aluminum: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [96][97]. - Agricultural Products: - Soybean Meal: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [101][103]. - Palm Oil: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [108][109]. - Cotton: Relevant charts show data such as the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [117][118].