周度报告——商品期权 商品期权周报：2025 年第 47 周 报告日期： 2025 年 11 月 23 日 ★ 商品期权市场活跃度 本周（2025.11.17-2025.11.21）商品期权市场成交小幅反弹， 日均成交量为 854 万手，日均持仓量为 1019 万手，环比变化 分别为+10.09%和-0.74%。分品种来看，本周日均成交活跃的 品种主要包括白银（109 万手）、碳酸锂（81 万手）、玻璃 （59 万手）。此外，本周共有 4 个品种成交增长超过 100%， 成交量增长较为显著的品种为合成橡胶（+138%）、对二甲 苯（+121%）、碳酸锂（+120%）、工业硅（109%）。与此 同时，成交量下降较为明显的品种则有原油（-57%）、烧碱 （-52%）和 PTA（-42%）。从持仓量数据来看，本周日均持 仓量较高的品种为玻璃（96 万手）、豆粕（82 万手）和纯碱 （81 万手）。日均持仓量环比增长较为迅速的品种为合工业 硅（+49%）、对二甲苯（+42%）、碳酸锂（+40%）。建议 投资者可重点关注交易活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：本周商品期权标的期货以下跌 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The trading volume of the commodity options market rebounded slightly this week. The average daily trading volume was 7.75 million lots, and the average daily open interest was 10.26 million lots, with a week - on - week change of +6.85% and +2.72% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][6]. - Most of the underlying futures of commodity options rose this week. The varieties with higher weekly increases include silver (+7.54%), lithium carbonate (+6.15%), and apple (+5.86%); the varieties with higher weekly decreases include glass (-5.41%), eggs (-4.60%), and red dates (-4.17%) [2][14]. - This week, the implied volatility of most commodity options in each sector increased on a weekly basis. For varieties with implied volatility at a high level in the past year, investors should be vigilant against unilateral risks and consider short - selling volatility opportunities; for varieties with implied volatility at a low level, the cost - performance of buying options is relatively high [2][14]. - Different varieties show different market sentiment in terms of trading volume PCR and open interest PCR, reflecting the market's expectations of rising or falling [2][14]. 3. Summary by Relevant Catalogs 3.1 Commodity Option Market Activity - This week, the average daily trading volume of actively traded varieties mainly includes silver (700,000 lots), glass (680,000 lots), and soda ash (520,000 lots). The varieties with significant trading volume growth are tin (+268%), LPG (+126%), and alumina (+122%); the varieties with obvious trading volume decline are polysilicon (-61%), industrial silicon (-61%), and lithium carbonate (-40%) [1][6]. - The varieties with high average daily open interest this week are glass (1 million lots), soybean meal (870,000 lots), and soda ash (810,000 lots). The varieties with rapid week - on - week growth in average daily open interest are p - xylene (+54%), styrene (+42%), and asphalt (+41%) [1][6]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying price changes**: The underlying futures of commodity options mainly rose this week. The varieties with high weekly increases include silver (+7.54%), lithium carbonate (+6.15%), and apple (+5.86%); the varieties with high weekly decreases include glass (-5.41%), eggs (-4.60%), and red dates (-4.17%) [2][14]. - **Market volatility**: Most sectors' commodity options' implied volatility increased this week. 21 varieties' current implied volatility is above the 50% quantile of the past year. Varieties with implied volatility at a high level in the past year include silver, methanol, asphalt, apple, and gold; varieties with implied volatility at a low level include ferromanganese, alumina, rubber, and corn [2][14]. - **Option market sentiment**: The trading volume PCR of pulp, ferrosilicon, and cotton is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of gold, aluminum, lead, and PTA is at a low level in the past year, indicating a concentrated bet on an increase. The open interest PCR of silver, p - xylene, lithium carbonate, and soybean meal is at a historical high, showing a high level of bearish sentiment; the open interest PCR of methanol, plastic, urea, and palm oil is at a low level in the past year, showing a bullish sentiment [2][14]. 3.3 Key Data Overview of Main Varieties This chapter mainly shows the key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data of other varieties can be found on the Dongzheng Fanci website (https://www.finoview.com.cn/) [19]. - **Energy**: Data on option total turnover, volatility, open interest PCR, and trading volume PCR of crude oil, LPG, asphalt, fuel oil, etc. are presented [15][20]. - **Chemicals**: - **PTA**: Data on option total turnover, volatility, open interest PCR, and trading volume PCR are provided [15][27]. - **Caustic soda**: Similar data for caustic soda are shown [15][36]. - **Glass**: Data related to glass options are presented [15][42]. - **Soda ash**: Key data of soda ash options are provided [15][48]. - **Precious metals**: Data on option total turnover, volatility, open interest PCR, and trading volume PCR of silver are shown [15][54]. - **Ferrous metals**: - **Iron ore**: Data related to iron ore options are presented [15][61]. - **Ferromanganese**: Similar data for ferromanganese are provided [15][69]. - **Non - ferrous metals**: - **Copper**: Data on copper options are shown [15][75]. - **Aluminum**: Key data of aluminum options are provided [15][84]. - **Agricultural products**: - **Soybean meal**: Data related to soybean meal options are presented [15][90]. - **Palm oil**: Similar data for palm oil are provided [15][97]. - **Cotton**: Key data of cotton options are shown [15][105].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The trading volume of the commodity options market rebounded slightly this week, with an average daily trading volume of 7.22 million lots and an average daily open interest of 10.01 million lots, showing a week - on - week change of +13.63% and +17.96% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed performance in terms of price changes. There are opportunities in varieties with high trading activity, and attention should be paid to the risks and opportunities indicated by factors such as price fluctuations, implied volatility, and option market sentiment [1][2][15]. 3. Summary According to the Table of Contents 3.1 Commodity Options Market Activity - This week, the average daily actively - traded varieties included glass (650,000 lots), lithium carbonate (610,000 lots), and polysilicon (520,000 lots). Five varieties had a trading volume increase of over 100%, with asphalt (+161%), ethylene glycol (+158%), and urea (+156%) showing significant growth. The varieties with a significant decline in trading volume were p - xylene (-83%), log (-58%), and alumina (-47%) [1][7]. - The varieties with a relatively high average daily open interest were glass (1.05 million lots), soda ash (870,000 lots), and glass (840,000 lots). The varieties with a relatively rapid week - on - week increase in average daily open interest were synthetic rubber (+83%), styrene (+66%), and LPG (+51%) [1][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Price Changes**: The underlying futures of commodity options showed mixed price changes. The varieties with high weekly increases included rapeseed meal (+6.32%), pulp (+3.49%), and urea (+2.58%); the varieties with high weekly decreases included asphalt (-6.04%), polysilicon (-5.66%), and red dates (-5.47%) [2][15]. - **Market Volatility**: Most commodity option implied volatilities in various sectors decreased this week. Seventeen varieties had their current implied volatility above the 50th percentile of the past year. Varieties with implied volatility at a high level in the past year included live pigs, methanol, and asphalt; those at a low level included sugar, tin, cotton, and manganese silicon [2][15]. - **Option Market Sentiment**: The trading volume PCR of varieties such as apples, eggs, lithium carbonate, LPG, and cotton was at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of aluminum, ethylene glycol, and corn was at a historical low, showing concentrated short - term bullish sentiment. The open interest PCR of ferrosilicon, soybean meal, silver, and lithium carbonate was at a historical high, while that of aluminum, corn, methanol, palm oil, and plastic was at a historical low [2][15]. 3.3 Main Varieties Key Data Overview - The chapter presents key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - Specific sub - sections cover energy (crude oil, LPG, etc.), chemicals (PTA, caustic soda, glass, soda ash), precious metals (silver), ferrous metals (iron ore, manganese silicon), non - ferrous metals (copper, aluminum), and agricultural products (soybean meal, palm oil, cotton), with corresponding data on trading volume, volatility, open interest PCR, and trading volume PCR provided [21][28][59][66][82][97].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 20 - October 24, 2025), the trading volume of the commodity options market declined slightly, with an average daily trading volume of 6.29 million lots and an average daily open interest of 8.95 million lots, showing a -8.93% and +3.79% change respectively compared to the previous period. It is recommended that investors focus on potential market opportunities in actively traded varieties [1][8]. - This week, most of the underlying futures of commodity options rose, with 45 varieties closing higher for the week. The energy sector had relatively high weekly gains, while precious metals such as silver and gold had relatively high weekly losses. Most sectors, except for agricultural products, saw an increase in the implied volatility of commodity options this week. It is advisable to be vigilant against unilateral risks and pay attention to opportunities for short - selling volatility or buying options with high cost - effectiveness based on different implied volatility levels [2][15]. 3. Summary by Directory 3.1 Commodity Option Market Activity - This week, the average daily trading volume of the commodity options market decreased by 8.93% compared to the previous period, and the average daily open interest increased by 3.79%. Actively traded varieties included silver, styrene, and glass. The trading volume of lead, double - gum paper, and aluminum alloy increased significantly, while that of polysilicon and industrial silicon decreased significantly. In terms of open interest, varieties with high average daily open interest were soybean meal, glass, and soda ash. The open interest of double - gum paper, lead, and short - fiber increased rapidly [1][8]. 3.2 Main Data Review of Commodity Options - **Underlying Price Movements**: 45 varieties of underlying futures of commodity options closed higher this week. The energy sector had high weekly gains, with fuel oil (+7.12%), crude oil (+6.87%), and asphalt (+5.23%) leading the way. Silver (-7.49%) and gold (-6.17%) had high weekly losses [2][15]. - **Market Volatility**: Except for agricultural products, most sectors saw an increase in the implied volatility of commodity options this week. 25 varieties had their current implied volatility above the 50th percentile of the past year. Varieties with implied volatility at a one - year high included crude oil, LPG, asphalt, and fuel oil; those at a one - year low included rapeseed oil, rapeseed meal, and sugar [2][15]. - **Option Market Sentiment**: Varieties such as rapeseed oil, soybean oil, sugar, and live pigs had a high volume PCR, indicating strong short - term bearish sentiment. Aluminum, alumina, nickel, tin, and copper had a low volume PCR, showing concentrated short - term bullish sentiment. Silver, ferrosilicon, manganese silicon, and rapeseed oil had a high open interest PCR, indicating a high level of accumulated bearish sentiment, while asphalt, corn, methanol, and alumina had a low open interest PCR, indicating accumulated bullish sentiment [2][15]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - **Energy**: Key data such as trading volume, volatility, and option market sentiment indicators of energy varieties like crude oil are presented, with relevant charts provided [21][23][25]. - **Chemicals**: - **PTA**: Key data and relevant charts of PTA are presented [28][29][35]. - **Caustic Soda**: Key data and relevant charts of caustic soda are presented [37][38][40]. - **Glass**: Key data and relevant charts of glass are presented [44][45][46]. - **Soda Ash**: Key data and relevant charts of soda ash are presented [50][51][52]. - **Precious Metals**: Key data and relevant charts of precious metals such as silver are presented [56][57][58]. - **Ferrous Metals**: - **Iron Ore**: Key data and relevant charts of iron ore are presented [62][63][66]. - **Manganese Silicon**: Key data and relevant charts of manganese silicon are presented [70][71][72]. - **Non - Ferrous Metals**: - **Copper**: Key data and relevant charts of copper are presented [77][78][83]. - **Aluminum**: Key data and relevant charts of aluminum are presented [85][86][89]. - **Agricultural Products**: - **Soybean Meal**: Key data and relevant charts of soybean meal are presented [93][95][96]. - **Palm Oil**: Key data and relevant charts of palm oil are presented [100][101][102]. - **Cotton**: Key data and relevant charts of cotton are presented [114][109][110].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 13 - October 17, 2025), the trading activity in the commodity options market declined slightly. The average daily trading volume was 6.55 million lots, and the average daily open interest was 8.33 million lots, with环比 changes of -4.94% and -3.47% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][6]. - Most underlying futures of commodity options fell this week, with precious metals and new - energy metals showing relatively high weekly gains, while some varieties like glass, crude oil, and fuel oil had significant weekly losses. The implied volatility of most commodity options increased this week. Different varieties have different implied volatility levels compared to the past year, presenting different trading opportunities. The options market sentiment varies among different varieties, with some showing strong short - term bearish sentiment and others showing concentrated short - term bullish sentiment [2][15][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 6.55 million lots, and the average daily open interest was 8.33 million lots, with环比 changes of -4.94% and -3.47% respectively. Actively traded varieties included silver, polysilicon, and glass. Four varieties had a trading volume increase of over 100%, while some varieties like rapeseed oil, rapeseed meal, and ferrosilicon had significant trading volume declines. High - open - interest varieties were soybean meal, soda ash, and glass, and some varieties like p - xylene, LPG, and ethylene glycol had rapid open - interest growth [1][6]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - Most underlying futures of commodity options fell this week, with 44 varieties closing lower. Precious metals and new - energy metals had high weekly gains, such as gold (+10.90%), silver (+10.53%), polysilicon (+6.06%), and lithium carbonate (+3.95%); varieties with high weekly losses included glass (-9.28%), crude oil (-6.23%), and fuel oil (-5.54%) [2][15]. 3.2.2 Market Volatility - The implied volatility of most commodity options increased this week. Fourteen varieties' current implied volatility was above the 60th percentile of the past year. Varieties with high implied volatility included silver, gold, etc., and investors are advised to beware of unilateral risks and consider short - selling volatility opportunities; varieties with low implied volatility included nickel, pulp, etc., where buying options had a relatively high cost - performance [2][15]. 3.2.3 Options Market Sentiment - For some varieties like eggs, soybean meal, etc., the trading volume PCR is at a historical high, indicating strong short - term bearish sentiment. For varieties like gold, polysilicon, etc., the trading volume PCR is at a historical low, showing concentrated short - term bullish sentiment. For some varieties like silver, ferrosilicon, etc., the open - interest PCR is at a historical high, indicating a high level of accumulated bearish sentiment, while for varieties like urea, glass, etc., the open - interest PCR is at a historical low, indicating accumulated bullish sentiment [2][16]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main 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/) [20]. 3.3.1 Energy - Key data of energy varieties such as crude oil, LPG, asphalt, fuel oil, and natural rubber are presented, including price changes, implied volatility, implied volatility环比 changes, historical percentile of implied volatility, open - interest PCR, trading volume PCR, and expiration time of near - month options [17]. 3.3.2 Chemicals - **PTA**: Key data and related charts of PTA are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][28][29]. - **Caustic Soda**: Key data and related charts of caustic soda are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][38][39]. - **Glass**: Key data and related charts of glass are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][45][46]. - **Soda Ash**: Key data and related charts of soda ash are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][53][54]. 3.3.3 Precious Metals - Key data and related charts of precious metals such as silver and gold are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][61][62]. 3.3.4 Ferrous Metals - **Iron Ore**: Key data and related charts of iron ore are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][69][70]. - **Silicomanganese**: Key data and related charts of silicomanganese are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][78][79]. 3.3.5 Non - Ferrous Metals - **Copper**: Key data and related charts of copper are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][86][87]. - **Aluminum**: Key data and related charts of aluminum are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][94][95]. 3.3.6 Agricultural Products - **Soybean Meal**: Key data and related charts of soybean meal are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][100][102]. - **Palm Oil**: Key data and related charts of palm oil are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][107][108]. - **Cotton**: Key data and related charts of cotton are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][115][116].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The trading volume of the commodity options market remained at a low level this week, with the average daily trading volume and open interest decreasing by 11.80% and 11.10% respectively compared to the previous week. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - This week, the underlying futures of commodity options showed mixed trends, with 30 varieties closing lower. The varieties with higher weekly increases included industrial silicon, lithium carbonate, and caustic soda; those with higher weekly decreases included red dates, live pigs, and soybean meal. Most commodity options' implied volatility increased this week. Some varieties' implied volatility is at a historical high, while others are at a historical low [2][16]. - The PCR of trading volume for some varieties is at a historical high, indicating a strong short - term bearish sentiment; for others, it is at a historical low, showing a concentrated short - term bullish sentiment. The PCR of open interest for some varieties is at a historical high, indicating a high level of accumulated bearish sentiment; for others, it is at a historical low, showing accumulated bullish sentiment [2][16]. 3. Summary According to the Directory 3.1 Commodity Options Market Activity - From September 15 to September 19, 2025, the average daily trading volume of the commodity options market was 6.28 million lots, and the average daily open interest was 8.19 million lots, with环比 decreases of 11.80% and 11.10% respectively. The actively traded varieties included silver, eggs, and glass. The varieties with significant trading volume growth were p - xylene (+405%) and alumina (+141%); those with significant trading volume decline were crude oil (-80%), lithium carbonate (-71%), and urea (-60%). The varieties with high average daily open interest were soybean meal, rebar, and soda ash. The varieties with rapid open - interest growth were p - xylene (+52%), apples (+38%), and alumina (+34%) [1][7]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying Price Movements**: The underlying futures of commodity options showed mixed trends, with 30 varieties closing lower. The varieties with higher weekly increases included industrial silicon (+6.40%), lithium carbonate (+3.93%), and caustic soda (+3.16%); those with higher weekly decreases included red dates (-4.35%), live pigs (-3.24%), and soybean meal (-2.11%) [2][16]. - **Market Volatility**: Most commodity options' implied volatility increased this week. 31 varieties' current implied volatility was below the 50% historical percentile in the past year. Varieties with implied volatility at a historical high included industrial silicon, lithium carbonate, and ferrosilicon; those at a historical low included zinc, nickel, urea, and soybean and rapeseed meal [2][16]. - **Options Market Sentiment**: The PCR of trading volume for styrene, cotton, LPG, and bottle chips was at a historical high, indicating a strong short - term bearish sentiment. The PCR of trading volume for palm oil, caustic soda, iron ore, rapeseed oil, and soybean oil was at a historical low, showing a concentrated short - term bullish sentiment. The PCR of open interest for lithium carbonate, soda ash, and bottle chips was at a historical high, indicating a high level of accumulated bearish sentiment; for rebar, soybean oil, live pigs, and alumina, it was at a historical low, showing accumulated bullish sentiment [2][16]. 3.3 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 can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - **Energy**: Relevant charts and data sources are provided for crude oil, including total trading volume, volatility, open - interest PCR, and trading - volume PCR [21][23][24]. - **Chemicals**: - **PTA**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [27][28][34]. - **Caustic Soda**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [36][37][38]. - **Glass**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [43][44][45]. - **Soda Ash**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [51][52][53]. - **Precious Metals**: Charts and data sources for silver's total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [58][59][60]. - **Ferrous Metals**: - **Iron Ore**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [66][67][69]. - **Silicomanganese**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [74][75][76]. - **Non - Ferrous Metals**: - **Copper**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [80][81][85]. - **Alumina**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [88][89][90]. - **Agricultural Products**: - **Soybean Meal**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [94][96][99]. - **Palm Oil**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [101][102][103]. - **Cotton**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [109][110][111].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The trading volume of the commodity options market remained at a low level this week, with daily average trading volume and open interest showing a decline. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - This week, the underlying futures of commodity options showed mixed performance, with the chemical sector mostly declining and the non - ferrous sector mostly rising. There were 33 varieties with weekly losses. Attention should be paid to the trading opportunities and risks in different sectors [2][16]. - Most commodity options' implied volatility declined this week. For varieties with high implied volatility, investors should be wary of unilateral risks and consider short - selling volatility; for those with low implied volatility, buying options has a higher cost - performance ratio [2][16]. - The PCR indicators of different varieties reflect different market sentiments. For varieties with high PCR, there is a strong bearish sentiment, while for those with low PCR, there is a concentrated bullish sentiment [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week (from September 8th to September 12th, 2025), the daily average trading volume of the commodity options market was 6.53 million lots, and the daily average open interest was 9.21 million lots, with a week - on - week change of - 5.20% and - 1.17% respectively [1][7]. - Actively traded varieties in terms of daily average trading volume this week included glass (940,000 lots), soda ash (540,000 lots), and silver (430,000 lots). Varieties with significant trading volume growth were lead (+143%), apple (+140%), and crude oil (+111%); those with significant trading volume decline were lithium carbonate (-71%), polysilicon (-70%), and industrial silicon (-59%) [1][7]. - Varieties with high daily average open interest this week were soybean meal (880,000 lots), glass (790,000 lots), and soda ash (770,000 lots). Varieties with rapid week - on - week growth in daily average open interest were apple (+46%), lead (+36%), and alumina (+36%) [1][7]. 3.2 Commodity Options Main Data Review 3.2.1 Underlying Price Movements - This week, the underlying futures of commodity options showed mixed performance, with the chemical sector mostly declining and the non - ferrous sector mostly rising. There were 33 varieties with weekly losses. Varieties with high weekly gains included gold (+2.35%), silver (+2.31%), and aluminum (+2.05%); those with high weekly losses included polysilicon (-5.51%), synthetic rubber (-5.20%), and lithium carbonate (-4.17%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility declined this week, and 35 varieties' current implied volatility was below the 50th percentile of the past year's history. Varieties with implied volatility at a high level in the past year included polysilicon, industrial silicon, lithium carbonate, and eggs; those at a low level included lead, zinc, p - xylene, urea, and oilseeds [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of varieties such as bottle chips and plastics was at a historical high, indicating a strong short - term bearish sentiment. The trading volume PCR of non - ferrous metals, live pigs, and glass was at a historical low, indicating a concentrated short - term bullish sentiment. The open interest PCR of polysilicon and lead was at a historical high, while that of rebar, non - ferrous metals, live pigs, and styrene was at a historical low [2][16]. 3.3 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 can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The trading volume of the commodity options market remained at a low level this week, but there were significant increases in the trading volume and open interest of some varieties. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - The underlying futures of commodity options showed mixed trends this week, with the chemical sector mostly declining. Most commodity options' implied volatility increased, and different varieties showed different market sentiments [2][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week (2025.9.1 - 2025.9.5), the average daily trading volume of the commodity options market was 6.89 million lots, and the average daily open interest was 9.32 million lots, with环比 increases of 15.91% and 13.41% respectively [1][8]. - Actively traded varieties included polysilicon (600,000 lots), lithium carbonate (580,000 lots), and glass (560,000 lots). The trading volume of gold, polysilicon, and lithium carbonate increased by over 100%, while that of apple and p - xylene decreased significantly [1][8]. - Varieties with high average daily open interest were glass (910,000 lots), soda ash (880,000 lots), and soybean meal (780,000 lots). The open interest of tin, lead, and copper increased rapidly [1][8]. 3.2 Commodity Options Main Data Review - **Underlying Price Movements**: The underlying futures of commodity options showed mixed trends, with 28 varieties closing higher for the week. Polysilicon (+14.49%), industrial silicon (+5.13%), and silver (+4.51%) had high weekly increases, while jujube (-4.43%), lithium carbonate (-3.78%), and ethylene glycol (-2.49%) had high weekly decreases [2][15]. - **Market Volatility**: Most commodity options' implied volatility increased this week. 30 varieties' current implied volatility was below the 50% quantile of the past - year history. Polysilicon, industrial silicon, lithium carbonate, and eggs had high implied volatility, while some varieties in the oilseeds and non - ferrous metals sectors had low implied volatility [2][15]. - **Options Market Sentiment**: The trading volume PCR of some varieties such as bottle chips, LPG, and lithium carbonate was at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of rubber, tin, nickel, etc. was at a historical low, showing concentrated short - term bullish sentiment. The open interest PCR of polysilicon, lead, and lithium carbonate was at a historical high, while that of ethylene glycol, urea, etc. was at a historical low [2][15]. 3.3 Main Varieties Key Data Overview This chapter mainly presents key data of main 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]. - **Energy**: Data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil are presented [20]. - **Chemical**: Key data of PTA, caustic soda, glass, and soda ash are shown, including trading volume, volatility, open interest PCR, and trading volume PCR [27][36][43][49]. - **Precious Metals**: Data on silver's trading volume, volatility, open interest PCR, and trading volume PCR are provided [55]. - **Ferrous Metals**: Key data of iron ore and manganese silicon, including trading volume, volatility, open interest PCR, and trading volume PCR, are presented [63][71]. - **Non - Ferrous Metals**: Data on copper and alumina, including trading volume, volatility, open interest PCR, and trading volume PCR, are shown [78][92]. - **Agricultural Products**: Key data of soybean meal, palm oil, and cotton, including trading volume, volatility, open interest PCR, and trading volume PCR, are presented [93][100][108].

Report Industry Investment Rating No relevant information provided. Core View of the Report The report analyzes the activity, price changes, market volatility, and sentiment of the commodity options market in the 34th week of 2025 (August 18 - August 22). It suggests investors focus on trading opportunities in actively traded varieties and provides insights on potential risks and opportunities based on price movements and volatility [1][2]. Summary by Directory 1. Commodity Options Market Activity - Market activity declined compared to last week, with average daily trading volume at 6.46 million lots and average daily open interest at 7.32 million lots, down 26.6% and 28.23% respectively [1][6]. - Actively traded varieties included soda ash (590,000 lots), glass (510,000 lots), and palm oil (400,000 lots) [1][6]. - Three varieties saw trading volume growth of over 100%, with p-xylene (+1327%), synthetic rubber (+125%), and staple fiber (+122%) showing significant increases [1][6]. - Varieties with significant trading volume declines were rapeseed meal (-85%), rapeseed oil (-85%), and soybean oil (-72%) [1][6]. - Varieties with high average daily open interest were rebar (630,000 lots), soda ash (620,000 lots), and soybean meal (600,000 lots) [1][6]. - Varieties with rapid open interest growth were p-xylene (+188%), synthetic rubber (+77%), and polysilicon (+50%) [1][6]. 2. This Week's Commodity Options Main Data Review - **Underlying Price Changes**: Most commodity option underlying futures declined, with 37 varieties closing lower for the week. High weekly gainers included caustic soda (+4.26%), p-xylene (+4.16%), and staple fiber (+3.34%); high weekly losers were lithium carbonate (-9.14%), soda ash (-4.95%), and ferrosilicon (-9.14%) [2][15]. - **Market Volatility**: The implied volatility of some commodity options declined weekly, with 39 varieties having current implied volatility below the 50th percentile of the past year. Varieties at historical highs included polysilicon, eggs, and industrial silicon; those at historical lows included the agricultural products sector and non-ferrous metals [2][15]. - **Options Market Sentiment**: Varieties such as lithium carbonate and soybean meal had high volume PCRs, indicating strong short-term bearish sentiment. Varieties like ethylene glycol, styrene, aluminum, and PTA had low volume PCRs, showing concentrated short-term bullish sentiment. Lithium carbonate, polysilicon, caustic soda, and soda ash had high open interest PCRs, suggesting high bearish sentiment; while styrene, ethylene glycol, nickel, and plastic had low open interest PCRs, indicating bullish sentiment accumulation [2][15]. 3. Key Data Overview of Major Varieties This chapter presents key data on major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [19]. - **Energy**: Data on crude oil, including trading volume, volatility, open interest PCR, and volume PCR, are presented through various charts [20][22][23]. - **Chemicals**: - **PTA**: Data on trading volume, volatility, open interest PCR, and volume PCR are presented through charts [26][27][29]. - **Caustic Soda**: Similar data are presented for caustic soda [35][36][38]. - **Glass**: Data on glass are presented in a similar manner [42][43][44]. - **Soda Ash**: Data on soda ash are presented through charts [48][49][52]. - **Precious Metals**: Data on silver, including trading volume, volatility, open interest PCR, and volume PCR, are presented through charts [54][55][56]. - **Ferrous Metals**: - **Iron Ore**: Data on iron ore are presented through charts [62][63][66]. - **Silicomanganese**: Similar data are presented for silicomanganese [70][71][72]. - **Non-Ferrous Metals**: - **Copper**: Data on copper are presented through charts [77][78][84]. - **Alumina**: Data on alumina are presented in a similar manner [93][88][90]. - **Agricultural Products**: - **Soybean Meal**: Data on soybean meal are presented through charts [94][96][98]. - **Palm Oil**: Similar data are presented for palm oil [102][110][103]. - **Cotton**: Data on cotton are presented through charts [111][112][113].

Report Title - "Commodity Options Weekly Report: Week 33 of 2025" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The activity level of the commodity options market in the week from August 11 - 15, 2025, was basically flat compared to the previous week. Investors are advised to focus on potential market opportunities in actively - traded varieties [2][9] - The underlying futures of commodity options showed mixed performance this week, with the energy - chemical and non - ferrous sectors mainly rising. Attention should be paid to risks and opportunities based on factors such as price fluctuations, implied volatility, and market sentiment [3][17][18] 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume was 8.81 million lots, with a week - on - week increase of 4.19%, and the average daily open interest was 10.2 million lots, with a week - on - week decrease of 18.19% [2][5][9] - Actively - traded varieties in terms of average daily trading volume included glass (1.07 million lots), soda ash (1.06 million lots), and soybean meal (0.6 million lots) [2][5][9] - Five varieties had trading volume growth of over 100%, with significant growth in synthetic rubber (+362%), Shanghai tin (+265%), and apples (+108%). Meanwhile, polycrystalline silicon (-77%), industrial silicon (-66%), and urea (-53%) had obvious trading volume declines [2][9] - Varieties with high average daily open interest were soybean meal (1.07 million lots), glass (0.96 million lots), and soda ash (0.87 million lots). Synthetic rubber (+58%), Shanghai tin (+37%), and p - xylene (+37%) had rapid week - on - week growth in average daily open interest [2][9] 3.2 This Week's Commodity Options Main Data Review 3.2.1 Underlying Price Fluctuations - There were 28 varieties with weekly gains, including lithium carbonate (+12.92%), palm oil (+5.11%), and soda ash (+4.73%); 23 varieties had weekly losses, including methanol (-2.55%), eggs (-2.30%), and logs (-1.87%) [3][17] 3.2.2 Market Volatility - The implied volatility of some commodity options varieties rebounded this week, with 23 varieties having current implied volatility above the 50th percentile of the past year. High - implied - volatility varieties included corn starch, eggs, logs, etc., and short - volatility opportunities were recommended. Low - implied - volatility varieties included non - ferrous metals, precious metals, plastics, etc., where buying options had a higher cost - performance ratio [3][17] 3.2.3 Options Market Sentiment - Varieties such as p - xylene, bottle chips, and soybean meal had a high volume PCR, indicating strong short - term bearish sentiment. Glass, rubber, soda ash, and rapeseed oil had a low volume PCR, showing concentrated short - term bullish sentiment [3][18] - P - xylene, lithium carbonate, and soda ash had a high open - interest PCR, indicating a high level of accumulated bearish sentiment. Nickel, logs, sugar, and rubber had a low open - interest PCR, indicating accumulated bullish sentiment [3][18] 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]