Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoint The report provides market data, option factor analysis, and strategy suggestions for multiple olefin - related options, including BZ (pure benzene), EB (styrene), L (plastic), PL (propylene), and PP (polypropylene). It suggests constructing a bull spread combination strategy of call options for directional trading and warns against seller - based strategies due to geopolitical risks [7][20][32][44][56]. Summary by Directory 1. BZ (Pure Benzene) - Market Data: The latest price of bz2605 is 8420, with a 1.87% increase. The trading volume is 21347 (in ten - thousand hands) with a decrease of 10144, and the open interest is 23221 (in ten - thousand hands) with an increase of 1004 [3]. - Option Factor - Volume and Open Interest PCR: The trading volume of BZ (pure benzene call option) is 287 with an increase of 169, and the open interest is 2389 with an increase of 142. The trading volume PCR is 0.71 with a decrease of 0.84, and the open interest PCR is 0.86 with a decrease of 0.02 [4]. - Option Factor - Pressure and Support: The at - the - money strike price is 8400, the resistance level is 10200, the support level is 4900, the weighted implied volatility is 68.73% with a decrease of 12.33%, the annual average implied volatility is 20.63%, and HISV20 is 62.94% [5]. - Market Interpretation and Strategy Suggestion: The bz2605 contract closed at 8313 yuan yesterday, down 300 yuan or 3.48% from the previous day. The trading volume decreased by 7709 to 31491 hands, and the open interest increased by 55 to 22217 hands. The implied volatility of BZ (pure benzene option) fluctuates above the mean of 0.0000. The open interest PCR of BZ options is 0.8776, at the 65.27% level in the past year. The resistance level is 10200, and the support level is 4900. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [6][7]. 2. EB (Styrene) - Market Data: The latest price of eb2605 is 10046, with a 0.67% increase. The trading volume is 520157 (in ten - thousand hands) with a decrease of 240341, and the open interest is 197934 (in ten - thousand hands) with a decrease of 4161 [16]. - Option Factor - Volume and Open Interest PCR: The trading volume of EB (styrene call option) is 61197 with a decrease of 34, and the open interest is 37806 with an increase of 145. The trading volume PCR is 0.87 with a decrease of 0.24, and the open interest PCR is 1.47 with an increase of 0.09 [17]. - Option Factor - Pressure and Support: The at - the - money strike price is 2831, the resistance level is 11800, the support level is 8000, the weighted implied volatility is 56.53%, and HISV20 is 55.13% [18]. - Market Interpretation and Strategy Suggestion: The eb2605 contract closed at 10105 yuan yesterday, down 273 yuan or 2.63% from the previous day. The trading volume decreased by 127616 to 760498 hands, and the open interest decreased by 3023 to 202095 hands. The implied volatility of EB (styrene option) fluctuates above the mean of 0.0000. The open interest PCR of EB options is 1.3797, at the 95.92% level in the past year. The resistance level is 11800, and the support level is 8000. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [19][20]. 3. L (Plastic) - Market Data: The latest price of l2605 is 8715, down 383 yuan or 4.20% from the previous day. The trading volume is 1057930 (in ten - thousand hands) with a decrease of 75737, and the open interest is 319820 (in ten - thousand hands) with an increase of 4893 [31]. - Option Factor - Volume and Open Interest PCR: The trading volume of L (plastic call option) is 5573 with a decrease of 7211, and the open interest is 32502 with an increase of 250. The trading volume PCR is 1.48 with an increase of 0.37, and the open interest PCR is 0.93 [29]. - Option Factor - Pressure and Support: The at - the - money strike price is 8800, the resistance level is 9000, the support level is 7000, the weighted implied volatility is 50.17% with a decrease of 4.49%, the annual average implied volatility is 17.86%, and HISV20 is 53.56% [30]. - Market Interpretation and Strategy Suggestion: The implied volatility of L (plastic option) fluctuates above the mean of 0.0000. The open interest PCR of L options is 0.9341, at the 88.98% level in the past year. The resistance level is 9000, and the support level is 7000. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [31][32]. 4. PL (Propylene) - Market Data: The latest price of PL605 is 8851, with a 1.09% increase. The trading volume is 12720 (in ten - thousand hands) with a decrease of 5152, and the open interest is 11338 (in ten - thousand hands) with a decrease of 736 [40]. - Option Factor - Volume and Open Interest PCR: The trading volume of PL (propylene call option) is 27, and the open interest is 2440. The trading volume PCR decreased by 8.33, and the open interest PCR is 1.29 with a decrease of 0.01 [41]. - Option Factor - Pressure and Support: The at - the - money strike price is 8900, the resistance level is 6900, the support level is 5700, the weighted implied volatility is 69.62% with an increase of 3.81%, and HISV20 is 70.62% [42]. - Market Interpretation and Strategy Suggestion: The PL605 contract closed at 8752 yuan yesterday, down 447 yuan or 4.85% from the previous day. The trading volume decreased by 11822 to 17872 hands, and the open interest decreased by 1004 to 12074 hands. The implied volatility of PL (propylene option) fluctuates above the mean of 0.0000. The open interest PCR of PL options is 1.3081, at the 94.44% level in the past year. The resistance level is 6900, and the support level is 5700. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [43][44]. 5. PP (Polypropylene) - Market Data: The latest price of pp2605 is 9120. The trading volume is 1030750 (in ten - thousand hands) with a decrease of 155550, and the open interest is 343310 (in ten - thousand hands) with an increase of 4112 [52]. - Option Factor - Volume and Open Interest PCR: The trading volume of PP (polypropylene call option) is 8896 with a decrease of 6421, and the open interest is 52484. The trading volume PCR is 1.86 with a decrease of 0.54, and the open interest PCR increased by 0.01 [53]. - Option Factor - Pressure and Support: The at - the - money strike price is 9100, the resistance level is 8000, the support level is 7000, the weighted implied volatility is 51.78% with a decrease of 0.91%, the annual average implied volatility is 16.66%, and HISV20 is 56.71% [54]. - Market Interpretation and Strategy Suggestion: The pp2605 contract closed at 8975 yuan yesterday, down 367 yuan or 3.92% from the previous day. The trading volume decreased by 142543 to 1186300 hands, and the open interest decreased by 360 to 339198 hands. The implied volatility of PP (polypropylene option) fluctuates above the mean of 0.0000. The open interest PCR of PP options is 1.1899, at the 98.78% level in the past year. The resistance level is 8000, and the support level is 7000. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [55][56].
烯烃类期权早报-20260327
Wu Kuang Qi Huo·2026-03-27 05:39