Group 1: Report Overview - Report title: Metal Options Strategy Morning Report [1] - Date: September 30, 2025 [1] Group 2: Core Views - For non - ferrous metals in range - bound oscillations, construct a neutral volatility strategy for option sellers [2] - For the black metals sector with large - amplitude fluctuations, build a short - volatility portfolio strategy [2] - For precious metals with upward breakouts, construct a spot hedging strategy [2] Group 3: Futures Market Overview - For copper (CU2511), the latest price is 83,680, up 1,610 or 1.96%, with a trading volume of 13.85 million lots (down 3.62 million) and open interest of 21.38 million lots (down 1.53 million) [3] - For aluminum (AL2511), the latest price is 20,770, up 65 or 0.31%, trading volume 13.29 million lots (up 1.77 million), and open interest 20.39 million lots (down 0.89 million) [3] - Similar data are provided for other metals including zinc, lead, nickel, etc. [3] Group 4: Option Factor - Volume and Open Interest PCR - For copper options, the volume PCR is 0.27 (up 0.01), and the open - interest PCR is 0.73 (up 0.02) [4] - For aluminum options, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.90 (up 0.05) [4] - Other metals' PCR data are also presented [4] Group 5: Option Factor - Pressure and Support Levels - For copper options, the pressure point is 92,000, and the support point is 82,000 [5] - For aluminum options, the pressure point is 20,800, and the support point is 19,900 [5] - Pressure and support levels for other metals are also given [5] Group 6: Option Factor - Implied Volatility - For copper options, the at - the - money implied volatility is 20.75%, the weighted implied volatility is 27.04% (down 0.59%), and the difference between implied and historical volatility is 6.29% [6] - For aluminum options, the at - the - money implied volatility is 12.19%, the weighted implied volatility is 14.40% (up 0.16%), and the difference is 1.63% [6] - Implied volatility data for other metals are also provided [6] Group 7: Option Strategies for Non - Ferrous Metals Copper Options - Fundamental analysis: Total inventories in three major exchanges decreased by 0.6 million tons. SHFE inventories decreased by 0.7 to 9.9 million tons, LME inventories decreased by 0.3 to 14.4 million tons, and COMEX inventories increased by 0.4 to 29.1 million tons [7] - Market analysis: Shanghai copper showed a bullish high - level consolidation trend [7] - Option factor analysis: Implied volatility is above the historical average, open - interest PCR is around 0.70, pressure point is 92,000, and support point is 80,000 [7] - Strategy suggestions: Construct a bull - spread strategy for call options and a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [7] Other Non - Ferrous Metals - Strategies for aluminum, zinc, lead, nickel, tin, and lithium carbonate options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [9][10][11] Group 8: Option Strategies for Precious Metals Gold Options - Fundamental analysis: Holdings of major gold ETFs increased by 3.79% this month, and total open interest of Shanghai gold and COMEX gold increased [12] - Market analysis: Shanghai gold continued its bullish trend, reaching a new high [12] - Option factor analysis: Implied volatility is around the historical average, open - interest PCR is below 0.80, pressure point is 888, and support point is 800 [12] - Strategy suggestions: Construct a bull - spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Silver Options - Strategies for silver options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [12] Group 9: Option Strategies for Black Metals Steel and Iron Ore Options - Strategies for rebar, iron ore, ferroalloys, industrial silicon, polysilicon, and glass options are provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [13][14][15]

Group 1: General Information - The report is a metal options strategy morning report dated September 29, 2025 [1] - The research team includes Lu Pinxian, Huang Kehan, and Li Renjun [2] - The metal - related sectors are divided into non - ferrous metals, precious metals, and black metals. Options strategies and suggestions are provided for selected varieties in each sector [8] Group 2: Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper (CU2511 closed at 81,890 with a - 0.79% change), aluminum (AL2511 at 20,660 with a - 0.55% change), etc. [3] Group 3: Option Factors 3.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, which are used to describe the strength of the underlying asset's market and potential turning points. For example, the volume PCR of copper is 0.26 with a - 0.02 change, and the open interest PCR is 0.70 with a 0.01 change [4] 3.2 Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of various metal options are given. For instance, the pressure point of copper is 92,000 with an 8,000 offset, and the support point is 80,000 with a 2,000 offset [5] 3.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call and put implied volatilities, and the difference between implied and historical volatilities for each metal option. For example, the at - the - money implied volatility of copper is 20.97%, and the weighted implied volatility is 27.63% with a 1.87 change [6] Group 4: Strategy Recommendations 4.1 Non - Ferrous Metals - **Copper**: Build a bull spread strategy for directional gain, a short - volatility option seller strategy for time - value gain, and a spot hedging strategy [7] - **Aluminum/Alumina**: For aluminum, build a short - neutral call + put option combination strategy and a spot collar strategy; for alumina, similar strategies are recommended [9] - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy for zinc; similar strategies for lead [9] - **Nickel**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Build a short - bearish call + put option combination strategy and a spot hedging strategy [11] 4.2 Precious Metals - **Gold/Silver**: For gold, build a bull spread strategy for directional gain, a short - volatility option seller strategy with a positive delta, and a spot hedging strategy; for silver, similar strategies are recommended [12] 4.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy [13] - **Iron Ore**: Build a short - neutral call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: For manganese silicon, build a short - volatility strategy; for industrial silicon/polysilicon, build a short - volatility option seller strategy and a spot hedging strategy; for glass, build a short - volatility strategy and a spot collar strategy [13][14][15]

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation [2] - For black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations [2] - For precious metals, create a spot hedging strategy as they are rising and breaking through [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Copper (CU2511): Latest price 80,100, down 20 (-0.02%), volume 6.34 million lots, open interest 17.70 million lots [3] - Aluminum (AL2511): Latest price 20,715, down 55 (-0.26%), volume 11.87 million lots, open interest 23.61 million lots [3] - Zinc (ZN2511): Latest price 22,035, up 40 (0.18%), volume 14.05 million lots, open interest 13.04 million lots [3] - And other metal futures with their respective prices, changes, volumes, and open interests [3] 3.2 Option Factors - Volume and Open Interest PCR - Different metal options have their own volume PCR, volume change, open interest PCR, and open interest change, which are used to describe the strength of the option underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - Each metal option has its pressure point, pressure point offset, support point, support point offset, maximum call open interest, and maximum put open interest, indicating the pressure and support levels of the underlying [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options includes at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility [6] 3.5 Strategies and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum/Alumina: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Zinc/Lead: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - Nickel: Create a short - bearish call + put option combination strategy and a spot covered call strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Build a short - bearish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Construct a bullish call spread strategy, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Build a short - bearish call + put option combination strategy and a spot covered call strategy [13] - Iron Ore: Construct a short - neutral call + put option combination strategy and a long - collar strategy [13] - Ferroalloys: Implement a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Implement a short - volatility call + put option combination strategy [15]

1. Report Industry Investment Rating - Not available in the provided content 2. Core Viewpoints - Energy chemical options cover various categories including energy, polyolefins, polyesters, alkali chemicals, and others [3]. - The strategy suggests constructing option - combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - Different energy - chemical option underlying futures have different price, trading volume, and open - interest changes. For example, crude oil (SC2511) closed at 484, down 8 (-1.55%), with a trading volume of 10.89 million lots and an open interest of 3.38 million lots [4]. 3.2. Option Factors - Volume and Open - Interest PCR - PCR indicators for different options vary. For instance, the volume PCR of crude oil options is 0.94, down 0.07, and the open - interest PCR is 1.03, down 0.13 [5]. 3.3. Option Factors - Pressure and Support Levels - Each option has its pressure and support levels. For example, the pressure level of crude oil options is 570, and the support level is 480 [6]. 3.4. Option Factors - Implied Volatility - Implied volatility of different options shows different trends. For example, the flat - strike implied volatility of crude oil options is 30.21%, and the weighted implied volatility is 32.98%, up 0.27% [7]. 3.5. Strategy and Recommendations 3.5.1. Energy - Class Options (Crude Oil) - Fundamental analysis: OPEC may discuss early release of 1.6 million barrels per day of production cuts, and Russia has its own production - cut plan [8]. - Market analysis: Crude oil has been in a weak and range - bound pattern since July, with short - term weakness in August and September [8]. - Option factor research: Implied volatility fluctuates around the mean, open - interest PCR is above 1.00, indicating a range - bound market, and the pressure and support levels are 570 and 480 respectively [8]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [8]. 3.5.2. Energy - Class Options (LPG) - Fundamental analysis: PDH device maintenance is stable, but profit decline may lead to a decrease in capacity utilization [10]. - Market analysis: LPG has shown an oversold rebound pattern with pressure above [10]. - Option factor research: Implied volatility has dropped significantly to around the mean, open - interest PCR is around 0.80, indicating a range - bound market, and the pressure and support levels are 4800 and 4700 respectively [10]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. 3.5.3. Alcohol - Class Options (Methanol) - Fundamental analysis: Port inventory has reached a new high, and enterprise inventory and orders have changed [10]. - Market analysis: Methanol has shown a weak pattern with pressure above [10]. - Option factor research: Implied volatility has declined and fluctuates below the mean, open - interest PCR is around 0.80, indicating a weak - range - bound market, and the pressure and support levels are 2400 and 2250 respectively [10]. - Strategy recommendations: Directional strategy: Construct a bear - spread strategy with put options; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. 3.5.4. Alcohol - Class Options (Ethylene Glycol) - Fundamental analysis: Port inventory is expected to be in a low - level shock and then enter a stock - building cycle [11]. - Market analysis: Ethylene glycol has shown a weak pattern with pressure above [11]. - Option factor research: Implied volatility fluctuates below the mean, open - interest PCR is around 0.60, indicating strong short - side power, and the pressure and support levels are 4500 and 4250 respectively [11]. - Strategy recommendations: Directional strategy: Construct a bear - spread strategy with put options; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [11]. 3.5.5. Polyolefin - Class Options - Fundamental analysis: Polyolefin inventory has different changes in production enterprises, traders, and ports, with PP having higher inventory pressure than PE [12]. - Market analysis: Polypropylene has shown a weak pattern with pressure above [12]. - Option factor research: Implied volatility has declined to below the mean, open - interest PCR is around 0.80, indicating a weak trend, and the pressure and support levels are 7400 and 6700 respectively [12]. - Strategy recommendations: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold spot long + buy at - the - money put options + sell out - of - the - money call options [12]. 3.5.6. Rubber Options - Fundamental analysis: Affected by the rubber - tapping season in Southeast Asia and increased overseas supply expectations, the global rubber futures market has declined [13]. - Market analysis: Rubber has shown a weak - range - bound pattern with support below and pressure above [13]. - Option factor research: Implied volatility has risen sharply and then dropped to around the mean, open - interest PCR is below 0.60, and the pressure and support levels are 17000 and 15750 respectively [13]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: None [13]. 3.5.7. Polyester - Class Options - Fundamental analysis: PTA inventory has increased slightly, but it is expected to maintain a de - stocking pattern due to high downstream load and more maintenance in September [14]. - Market analysis: PTA has shown a weak - bearish pattern with pressure above [14]. - Option factor research: Implied volatility fluctuates at a relatively high level, open - interest PCR is around 0.70, indicating a range - bound market, and the pressure and support levels are 5000 and 4400 respectively [14]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot hedging strategy: None [14]. 3.5.8. Alkali - Class Options (Caustic Soda) - Fundamental analysis: Caustic soda factory inventory has increased [15]. - Market analysis: Caustic soda has shown a downward - trending pattern with pressure above [15]. - Option factor research: Implied volatility fluctuates at a high level, open - interest PCR is below 0.90, indicating a weak - range - bound market, and the pressure and support levels are 3000 and 2440 respectively [15]. - Strategy recommendations: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [15]. 3.5.9. Alkali - Class Options (Soda Ash) - Fundamental analysis: Soda ash factory inventory has decreased [15]. - Market analysis: Soda ash has shown a low - level range - bound pattern with support below [15]. - Option factor research: Implied volatility fluctuates at a relatively high historical level, open - interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1300 and 1200 respectively [15]. - Strategy recommendations: Directional strategy: Not specified; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [15]. 3.5.10. Urea Options - Fundamental analysis: Urea enterprise inventory has increased, and domestic demand is still weak [16]. - Market analysis: Urea has shown a low - level weak - range - bound pattern [16]. - Option factor research: Implied volatility fluctuates around the historical mean, open - interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1800 and 1620 respectively [16]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot hedging strategy: Hold spot long + buy at - the - money put options + sell out - of - the - money call options [16].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends across various sectors. Oilseeds and oils are weakly volatile, while agricultural by - products, soft commodities, and grains maintain their respective oscillating patterns. It is recommended to construct option combination strategies mainly based on sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures show diverse price changes. For example, the latest price of soybean No.1 (A2511) is 3,898, with a rise of 6 and a rise - fall rate of 0.15%; the latest price of soybean No.2 (B2511) is 3,670, with no change [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different options vary. For instance, the volume PCR of soybean No.1 is 0.57 with a change of 0.01, and the open - interest PCR is 0.43 with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option has its corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 3,950 and the support point is 3,900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different options also shows differences. For example, the at - the - money implied volatility of soybean No.1 is 9.91%, and the weighted implied volatility is 12.19% with a change of - 0.98% [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of US soybeans has a neutral - to - negative impact. The option strategy includes constructing a selling option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily提货量 of soybean meal has increased, and the basis has decreased. The option strategies include a bear spread strategy for direction and a selling option combination strategy for volatility, as well as a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil inventory in Malaysia is expected to increase. The option strategies include a selling option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanuts shows a weak consolidation pattern. The option strategies include a bear spread strategy and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - products Options - **Pigs**: The supply pressure of pigs is large. The option strategies include a selling option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is expected to increase. The option strategies include a bear spread strategy and a selling option combination strategy, but no spot hedging strategy [12]. - **Apples**: The consumption market of apples is warming up. The option strategies include a selling option combination strategy, but no spot hedging strategy [12]. - **Jujubes**: The inventory of jujubes has decreased slightly. The option strategies include a wide - straddle selling strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodities Options - **Sugar**: The low inventory of domestic sugar supports the price, but the sales volume is lower than expected. The option strategies include a selling option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The开机率 of spinning and weaving mills has changed, and the commercial inventory has decreased. The option strategies include a selling option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grains Options - **Corn and Starch**: The corn yield is expected to increase. The option strategies include a selling option combination strategy, but no spot hedging strategy [14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. A strategy of building option portfolios mainly as sellers and spot hedging or covered strategies is recommended to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 501, with a price increase of 8 and a price change rate of 1.56% [4]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. For instance, the volume PCR of crude oil options is 0.87, with no change, and the open interest PCR is 1.15, with a change of 0.03 [5]. - **Pressure and Support Levels**: From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlying assets are analyzed. For example, the pressure level of crude oil is 570, and the support level is 480 [6]. - **Implied Volatility**: It includes the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of each option variety. For example, the at - the - money implied volatility of crude oil is 29.445, and the weighted implied volatility is 31.93, with a change of - 0.21 [7]. 3.3 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - **Fundamentals**: European ARA weekly data shows changes in gasoline, diesel, fuel oil, and naphtha inventories. - **Market Analysis**: Since July, crude oil has shown a bearish market with pressure above. - **Option Factor Research**: Implied volatility fluctuates around the average, and the open interest PCR is above 1.00, indicating a sideways market. The pressure level is 570, and the support level is 480. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [8]. - **LPG Options**: - **Fundamentals**: Factory inventory and port inventory have increased. - **Market Analysis**: It shows an oversold rebound market with pressure above. - **Option Factor Research**: Implied volatility has dropped significantly to around the average, and the open interest PCR is around 0.90, indicating a sideways market. The pressure level is 5300, and the support level is 4200. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Methanol Options**: - **Fundamentals**: High port inventory persists, but most negative factors have been priced in. Supply is sufficient, and demand is expected to improve marginally. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility has decreased and fluctuates below the average. The open interest PCR is around 0.90, indicating a weak - sideways market. The pressure level is 2400, and the support level is 2250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Ethylene Glycol Options**: - **Fundamentals**: Terminal load remains flat, and port inventory has increased. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility fluctuates below the average. The open interest PCR is around 0.60, indicating strong bearish power. The pressure level is 4500, and the support level is 4250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Polyolefin Options (Polypropylene, etc.)**: - **Fundamentals**: There are changes in production enterprise inventory, trader inventory, and port inventory, and the downstream average operating rate has increased. - **Market Analysis**: Polypropylene shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility of polypropylene has decreased to below the average. The open interest PCR is around 0.70, indicating a weakening trend. The pressure level is 7400, and the support level is 6700. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber Options**: - **Fundamentals**: China's natural rubber social inventory has decreased. - **Market Analysis**: It shows a weak - sideways market with support below and pressure above. - **Option Factor Research**: Implied volatility has risen sharply and then dropped to around the average. The open interest PCR is below 0.60. The pressure level is 17000, and the support level is 15750. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Polyester Options (PTA, etc.)**: - **Fundamentals**: Downstream load has increased, and social inventory has decreased. - **Market Analysis**: PTA shows a weak - bearish market with pressure above. - **Option Factor Research**: Implied volatility of PTA fluctuates at a relatively high level. The open interest PCR is around 0.70, indicating a sideways market. The pressure level is 5000, and the support level is 4600. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: None [13]. - **Caustic Soda Options**: - **Fundamentals**: National liquid caustic soda factory inventory has decreased. - **Market Analysis**: It shows a downward - sideways market with pressure above. - **Option Factor Research**: Implied volatility is at a relatively high level. The open interest PCR is below 0.80, indicating a weak - sideways market. The pressure level is 3000, and the support level is 2400. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [14]. - **Soda Ash Options**: - **Fundamentals**: Soda ash factory inventory and delivery warehouse inventory have changed. - **Market Analysis**: It shows a low - level upward market with support below. - **Option Factor Research**: Implied volatility is at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1300, and the support level is 1200. - **Strategies**: Directional strategy: Not specified; Volatility strategy: Build a short - volatility combination strategy; Spot long - hedging strategy: Build a long collar strategy [14]. - **Urea Options**: - **Fundamentals**: China's urea enterprise total inventory has increased, but some enterprises' inventory has decreased due to export orders. - **Market Analysis**: It shows a low - level sideways and weak market. - **Option Factor Research**: Implied volatility fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1620. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [15].

数据来源：WIND、五矿期货期权服务部 农产品期权研究 农产品期权 2025-09-17 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | - ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [3][9] Summary by Relevant Catalogs 1. Futures Market Overview - Various energy and chemical option underlying futures contracts show different price changes, trading volumes, and open interest changes. For example, the latest price of crude oil SC2511 is 495, up 6 with a 1.31% increase; the latest price of liquefied petroleum gas PG2511 is 4,450, down 5 with a 0.11% decrease [4] 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of crude oil is 0.87, down 0.12; the open interest PCR is 1.12, up 0.03 [5] 3. Option Factors - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the pressure and support levels of option underlying are analyzed. For example, the pressure level of crude oil is 570 and the support level is 480 [6] 4. Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 29.4, and the weighted implied volatility is 32.14, up 0.09 [7] 5. Strategies and Recommendations for Different Option Varieties Energy - related Options - **Crude Oil**: Fundamentally, European ARA weekly data shows changes in gasoline, diesel, fuel oil, and naphtha inventories. The market is in a bearish trend with pressure above. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Petroleum Gas (LPG)**: Factory and port inventories show changes. The market is in an oversold rebound situation with pressure above. Option strategies include constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: The port has a high - inventory pattern, and the market is in a weak trend. Option strategies include constructing a bearish spread strategy of put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Terminal loads are stable, and the port is in a state of inventory accumulation. The market is in a weak bearish trend. Option strategies include constructing a bearish spread strategy of put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] Polyolefin - related Options - **Polypropylene**: Production and trade inventories show changes, and the downstream start - up rate increases. The market is in a weak bearish trend. Option strategies include a long collar strategy for spot hedging [12] Rubber - related Options - **Rubber**: Social inventories of natural rubber decrease. The market is in a weak consolidation situation with support below and pressure above. Option strategies include constructing a neutral - biased call + put option combination strategy [13] Polyester - related Options - **PTA**: Downstream loads increase, and social inventories decrease. The market is in a weak bearish trend. Option strategies include constructing a short - biased call + put option combination strategy [14] Alkali - related Options - **Caustic Soda**: Factory inventories decrease. The market is in a downward consolidation trend with pressure above. Option strategies include a long collar strategy for spot hedging [15] - **Soda Ash**: Factory and delivery warehouse inventories show changes. The market is in a low - level weak consolidation situation with pressure above. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15] Urea Options - Inventories of urea enterprises increase slightly, and the market is in a low - level weak consolidation trend. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [16]

Group 1: Report Overview - The report focuses on energy and chemical options, providing an early - morning strategy report for September 15, 2025 [2] - It covers various sectors including energy, polyolefins, polyesters, alkali chemicals, etc., and offers strategies and suggestions for different option varieties [3] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core View - The energy and chemical sector is segmented into multiple sub - sectors. Each sub - sector's option varieties are analyzed in terms of fundamental information, market trends, option factors, and corresponding strategies are proposed [9] - The overall market trends of different option varieties show characteristics such as being under pressure, fluctuating, and having different levels of strength or weakness [8][10][11] - Strategies mainly include constructing option combination strategies, bear spread strategies, and spot hedging strategies to enhance returns or hedge risks [8][10][11] Group 4: Market Data Summary Futures Market - For different option varieties, the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of their underlying futures contracts are presented [4] Option Factors - **Volume and Open Interest PCR**: The volume and open interest PCR data of different option varieties are analyzed, which can be used to describe the strength of the option underlying market and the turning points of the market [5] - **Pressure and Support Levels**: The pressure and support levels of different option varieties are identified from the perspective of the strike prices with the largest open interests of call and put options [6] - **Implied Volatility**: The implied volatility data of different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and their changes compared with the annual average [7] Group 5: Strategy and Suggestions for Different Option Varieties Energy - related Options - **Crude Oil**: Based on fundamental data and market trends, it is recommended to construct a short - biased call + put option combination strategy for volatility and a long - collar strategy for spot hedging [8] - **LPG**: Considering the fundamental situation and market trends, a neutral - biased call + put option combination strategy for volatility and a long - collar strategy for spot hedging are suggested [10] Alcohol - related Options - **Methanol**: A bear spread strategy for directional trading and a short - biased call + put option combination strategy for volatility are recommended, along with a long - collar strategy for spot hedging [10] - **Ethylene Glycol**: A bear spread strategy for directional trading, a short - volatility strategy for volatility, and a long - collar strategy for spot hedging are proposed [11] Polyolefin - related Options - **Polypropylene**: A long - collar strategy for spot hedging is recommended [11] Rubber - related Options - **Rubber**: A neutral - biased call + put option combination strategy for volatility is suggested [12] Polyester - related Options - **PTA**: A short - biased call + put option combination strategy for volatility is recommended [13] Alkali - related Options - **Caustic Soda**: A long - collar strategy for spot hedging is recommended [14] - **Soda Ash**: A short - volatility combination strategy for volatility and a long - collar strategy for spot hedging are proposed [14] Urea Options - A short - biased call + put option combination strategy for volatility and a long - collar strategy for spot hedging are recommended [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different strategies are recommended for each sector and its selected varieties based on their market conditions and option factors [8]. - For non - ferrous metals, which are in a weak and volatile state, a seller's neutral volatility strategy is recommended. Black metals maintain a large - amplitude volatile market, suitable for building a short - volatility portfolio strategy. Precious metals show a bullish upward trend, and a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are provided, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 80,810, with a price increase of 150 and a trading volume of 9.16 million lots [3]. 3.2 Option Factors - PCR - The PCR indicators (volume PCR and open interest PCR) of various metal options are presented. These indicators are used to describe the strength of option underlying market trends and potential turning points. For instance, the volume PCR of copper options is 0.30, with a change of - 0.08, and the open interest PCR is 0.72, with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 78,000. These levels are determined by the strike prices with the maximum open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 17.51%, and the weighted implied volatility is 19.24% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: Fundamentally, the inventory of the three major exchanges has increased by 12,000 tons. The market shows a high - level consolidation with support below. Option strategies include building a short - volatility seller's option portfolio and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Aluminum inventory has decreased, and the market shows a bullish upward trend. Strategies include a bullish call spread strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Pb Options**: Zinc inventory has increased, and the market shows a volatile decline. Strategies include a short - neutral call + put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Nickel inventory has increased, and the market shows a wide - range volatile pattern with upward pressure. Strategies include a short - bearish call + put option combination strategy and a spot covered call strategy [10]. - **Tin Options**: Tin supply is tight, and the market shows a short - term high - level volatile pattern with upward pressure. Strategies include a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Lithium carbonate inventory has decreased, and the market shows a large - amplitude volatile and continuous decline. Strategies include a short - bearish call + put option combination strategy and a spot hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: For gold, inflation data in the US is lower than expected, and the market shows a short - term consolidation and a strong upward breakthrough. Strategies include a bullish call spread strategy, a short - bullish volatility option seller's combination strategy, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Rebar inventory has increased, and the market shows a weak consolidation with upward pressure. Strategies include a short - bearish call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore Options**: Iron ore inventory has increased, and the market shows a volatile rebound. Strategies include a short - neutral call + put option combination strategy and a spot collar strategy [13]. - **Ferroalloy Options**: Manganese silicon shows a weak and bearish market. Strategies include a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Industrial silicon production has increased, and the market shows a large - amplitude volatile pattern with upward pressure. Strategies include a short - volatility call + put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Glass inventory has decreased, and the market shows a weak market with upward pressure. Strategies include a short - volatility call + put option combination strategy and a spot collar strategy [15].