Group 1: Report Overview - The report is a metal options strategy morning report dated October 24, 2025 [1] - It provides an analysis of various metal options, including their market conditions, option factors, and strategy recommendations [2] Group 2: Market Conditions Futures Market - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts [3] - For example, the price of copper futures (CU2512) is 86,730, up 1,150 (1.34%) compared to the previous trading day [3] Option Factors - The report analyzes option factors such as volume and open interest PCR, pressure and support levels, and implied volatility for various metal options [4][5][6] - For instance, the volume PCR of copper options is 0.35, and the open interest PCR is 0.79 [4] Group 3: Strategy Recommendations Overall Strategies - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended [2] - For black metals, which maintain high - amplitude fluctuations, a short - volatility combination strategy is suitable [2] - For precious metals, which have fallen sharply from high levels, a spot hedging strategy is proposed [2] Specific Metal Strategies - **Copper Options**: A short - volatility seller option combination strategy is recommended to gain time - value income, and a spot hedging strategy is also provided [7] - **Aluminum Options**: A strategy of selling a neutral combination of call and put options is suggested, along with a spot collar strategy [9] - **Other Metals**: Similar option strategies and spot hedging or备兑 strategies are recommended for zinc, nickel, tin, gold, silver, carbonate lithium, and various black metals [10][11][12][13][14][15] Group 4: Charts - The report includes price trend charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various metals [18][20][27][29][34]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector, and option strategy reports are prepared for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [9]. - Overall, the report suggests constructing option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil futures (SC2512) is 449, with a price increase of 7 and a price increase percentage of 1.65% [4]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the trading volumes, volume changes, open interests, open interest changes, volume PCR (Put - Call Ratio), volume PCR changes, open interest PCR, and open interest PCR changes of various energy - chemical options. For instance, the volume PCR of crude oil options is 0.52, with a change of - 0.13, and the open interest PCR is 0.56, with a change of 0.01 [5]. 3.3 Option Factor - Pressure and Support Levels - The report presents the at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various energy - chemical options. For example, the pressure point of crude oil options is 500, and the support point is 400 [6]. 3.4 Option Factor - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility differences of various energy - chemical options. For example, the at - the - money implied volatility of crude oil options is 28.2, and the weighted implied volatility is 30.84, with a change of - 2.19 [7]. 3.5 Strategy and Suggestions 3.5.1 Energy - related Options (Crude Oil) - **Underlying Market Analysis**: OPEC maintains a principle - based production increase of 137,000 barrels per day. The U.S. shale oil production has slightly increased, and refineries are in a seasonal decline but are about to enter a small demand peak. The crack spread of refined oil has declined, and the monthly spread of crude oil is stronger than the single - price performance. Since July, crude oil has gradually weakened and then traded in a range, showing a weak market trend with upward pressure [8]. - **Option Factor Research**: The implied volatility of crude oil options has declined to near the average. The open interest PCR is around 0.60, indicating a recent weak crude oil market. The pressure point is 500, and the support point is 400 [8]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively neutral combination of call and put options is proposed to obtain option time value and directional returns, with dynamic adjustment of positions to keep the delta neutral. A spot long - hedging strategy of constructing a long collar strategy is also suggested [8]. 3.5.2 Energy - related Options (LPG) - **Underlying Market Analysis**: In September, the estimated domestic LPG commercial volume was 1.6221 million tons, a month - on - month decrease of 5.65%. Since July, LPG has shown a market trend of over - sold rebound with upward pressure [10]. - **Option Factor Research**: The implied volatility of LPG options has significantly declined to below the average. The open interest PCR is around 0.70, indicating a recent weak LPG market. The pressure point is 4500, and the support point is 3600 [10]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively neutral combination of call and put options is proposed, along with a spot long - hedging strategy of constructing a long collar strategy [10]. 3.5.3 Alcohol - related Options (Methanol) - **Underlying Market Analysis**: The port inventory is 1.4914 million tons, a month - on - month decrease of 51,800 tons. The enterprise inventory is 359,900 tons, a month - on - month increase of 20,500 tons. Since July, methanol has shown a weak market trend with upward pressure [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.80, indicating a recent weak and volatile methanol market. The pressure point is 2300, and the support point is 2250 [10]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed, along with a spot long - hedging strategy of constructing a long collar strategy [10]. 3.5.4 Alcohol - related Options (Ethylene Glycol) - **Underlying Market Analysis**: The port inventory is 541,000 tons, a month - on - month increase of 34,000 tons. Since July, ethylene glycol has shown a weak market trend with upward pressure [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates below the average. The open interest PCR is around 0.70, indicating strong recent bearish forces. The pressure point is 4500, and the support point is 4050 [11]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination of put options is recommended. A volatility strategy of shorting volatility is proposed, along with a spot long - hedging strategy [11]. 3.5.5 Polyolefin - related Options (Polypropylene) - **Underlying Market Analysis**: The inventory of PP production enterprises, traders, and ports has decreased. Since July, polypropylene has shown a weak market trend with upward bearish pressure [11]. - **Option Factor Research**: The implied volatility of polypropylene options has declined to near the average. The open interest PCR is around 0.70, indicating a recent weak polypropylene market. The pressure point is 7300, and the support point is 6300 [11]. - **Option Strategy Suggestions**: No directional or volatility strategy is recommended. A spot long - hedging strategy of holding a long position in the underlying + buying an at - the - money put option + selling an out - of - the - money call option is proposed [11]. 3.5.6 Rubber - related Options (Rubber) - **Underlying Market Analysis**: The social inventory of natural rubber in China has decreased. Since July, rubber has shown a weak and volatile market trend with support below and pressure above [12]. - **Option Factor Research**: The implied volatility of rubber options has rapidly increased and then declined to near the average. The open interest PCR is below 0.60. The pressure point has significantly moved down to 17000, and the support point is 14000 [12]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed. No spot hedging strategy is provided [12]. 3.5.7 Polyester - related Options (PTA) - **Underlying Market Analysis**: The overall social inventory of PTA (excluding credit warehouse receipts) has increased slightly. Since July, PTA has shown a weak and bearish market trend with upward pressure [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates at a relatively high level above the average. The open interest PCR is around 0.70, indicating a recent volatile PTA market. The pressure point is 4600, and the support point is 4300 [12]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed. No spot hedging strategy is provided [12]. 3.5.8 Alkali - related Options (Caustic Soda) - **Underlying Market Analysis**: The average capacity utilization rate of caustic soda sample enterprises has decreased. Since July, caustic soda has shown a weak and bearish market trend with upward pressure [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is around 0.90, indicating a recent weak and volatile caustic soda market. The pressure point is 2600, and the support point is 2280 [13]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination is recommended. No volatility strategy is provided. A spot collar hedging strategy is proposed [13]. 3.5.9 Alkali - related Options (Soda Ash) - **Underlying Market Analysis**: The in - plant inventory of soda ash has increased. Since July, soda ash has shown a low - level and volatile market trend with support below [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure point is 1400, and the support point is 1100 [13]. - **Option Strategy Suggestions**: A volatility strategy of shorting the volatility combination is proposed. A spot long - hedging strategy of constructing a long collar strategy is also suggested [13]. 3.5.10 Other Options (Urea) - **Underlying Market Analysis**: The enterprise and port inventories of urea have increased. Since July, urea has shown a low - level and volatile market trend [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure point is 1800, and the support point is 1600 [14]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination of put options is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed, along with a spot hedging strategy [14].

1. Report Information - Report Title: Financial Options Strategy Morning Report [1] - Date: October 23, 2025 - Analysts: Lu Pinxian, Huang Kehan [2] 2. Core Views - Stock market review: The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a high-level volatile market [2]. - Financial options volatility analysis: The implied volatility of financial options decreased but remained at a relatively high level [2]. - Financial options strategies and suggestions: For ETF options, it is suitable to construct a bullish buyer strategy and a call option bull spread strategy; for index options, it is suitable to construct a bullish seller strategy, a call option bull spread strategy, and an arbitrage strategy between synthetic long futures and short futures [2]. 3. Market Overview 3.1 Financial Market Important Indexes | Index | Code | Closing Price | Change | Change Rate (%) | Turnover (Billion Yuan) | Turnover Change (Billion Yuan) | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Composite Index | 000001.SH | 3,913.76 | -2.57 | -0.07 | 74.15 | -9.64 | 16.81 | | Shenzhen Component Index | 399001.SZ | 12,996.61 | -80.71 | -0.62 | 92.63 | -10.96 | 30.47 | | SSE 50 Index | 000016.SH | 3,010.10 | 2.83 | 0.09 | 12.38 | -2.34 | 12.18 | | CSI 300 Index | 000300.SH | 4,592.57 | -15.30 | -0.33 | 44.09 | -11.05 | 14.40 | | CSI 500 Index | 000905.SH | 7,128.48 | -57.15 | -0.80 | 28.62 | -5.88 | 33.90 | | CSI 1000 Index | 000852.SH | 7,312.21 | -31.84 | -0.43 | 33.22 | -1.60 | 46.51 | [3] 3.2 Option Underlying ETF Market | Underlying | Contract | Closing Price | Change | Change Rate (%) | Volume (Million Units) | Volume Change | Turnover (Billion Yuan) | Turnover Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 ETF | 510050.SH | 3.148 | 0.004 | 0.13 | 793.07 | 784.55 | 2.491 | -0.186 | | SSE 300 ETF | 510300.SH | 4.695 | -0.015 | -0.32 | 554.48 | 544.89 | 2.602 | -1.910 | | SSE 500 ETF | 510500.SH | 7.224 | -0.056 | -0.77 | 271.37 | 266.52 | 1.962 | -1.560 | | Huaxia Science 50 ETF | 588000.SH | 1.476 | -0.001 | -0.07 | 2,978.55 | 2,938.63 | 4.383 | -1.460 | | E Fund Science 50 ETF | 588080.SH | 1.429 | -0.001 | -0.07 | 934.89 | 923.54 | 1.333 | -0.276 | | Shenzhen 300 ETF | 159919.SZ | 4.844 | -0.014 | -0.29 | 154.98 | 152.94 | 0.750 | -0.240 | | Shenzhen 500 ETF | 159922.SZ | 2.886 | -0.020 | -0.69 | 85.20 | 83.59 | 0.246 | -0.221 | | Shenzhen 100 ETF | 159901.SZ | 3.493 | -0.019 | -0.54 | 48.13 | 47.36 | 0.168 | -0.100 | | ChiNext ETF | 159915.SZ | 3.039 | -0.023 | -0.75 | 1,174.13 | 1,156.77 | 3.572 | -1.701 | [4] 3.3 Option Factors - Volume and Open Interest PCR | Option Variety | Volume (Million Contracts) | Volume Change | Open Interest (Million Contracts) | Open Interest Change | Volume PCR | Volume PCR Change | Open Interest PCR | Open Interest PCR Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 ETF | 106.89 | -18.07 | 149.61 | 1.26 | 1.13 | 0.10 | 0.86 | 0.03 | | SSE 300 ETF | 127.45 | -16.09 | 126.52 | -1.81 | 1.09 | 0.11 | 1.01 | -0.01 | | SSE 500 ETF | 164.69 | -29.18 | 129.26 | -2.95 | 1.36 | 0.33 | 1.11 | -0.05 | | Huaxia Science 50 ETF | 181.65 | -21.58 | 232.66 | 1.88 | 0.84 | 0.02 | 0.89 | 0.00 | | E Fund Science 50 ETF | 40.49 | -5.35 | 69.58 | 2.29 | 0.90 | -0.11 | 0.76 | -0.00 | | Shenzhen 300 ETF | 20.71 | -3.90 | 29.46 | 0.01 | 1.38 | -0.09 | 0.85 | 0.04 | | Shenzhen 500 ETF | 32.05 | -7.70 | 41.25 | 0.34 | 1.76 | 0.18 | 0.82 | 0.03 | | Shenzhen 100 ETF | 8.57 | -15.51 | 13.72 | -1.01 | 3.81 | -0.80 | 1.45 | -0.09 | | ChiNext ETF | 186.75 | -131.48 | 199.92 | -4.38 | 1.06 | 0.08 | 1.10 | -0.03 | | SSE 50 | 2.26 | -0.28 | 5.76 | 0.21 | 0.50 | -0.02 | 0.69 | -0.01 | | CSI 300 | 7.41 | -1.99 | 14.81 | 0.55 | 0.66 | 0.02 | 0.76 | -0.01 | | CSI 1000 | 15.95 | -4.43 | 24.92 | 0.93 | 0.81 | 0.02 | 0.94 | -0.00 | [5] 3.4 Option Factors - Pressure and Support Levels | Option Variety | Underlying Closing Price | At-the-Money Strike Price | Pressure Point | Pressure Point Deviation | Support Point | Support Point Deviation | Maximum Call Open Interest | Maximum Put Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 ETF | 3.148 | 3.10 | 3.20 | 0.00 | 3.10 | 0.00 | 91,525 | 73,727 | | SSE 300 ETF | 4.695 | 4.70 | 4.70 | 0.00 | 4.70 | 0.00 | 60,459 | 58,384 | | SSE 500 ETF | 7.224 | 7.25 | 7.50 | 0.25 | 6.75 | -0.50 | 66,231 | 56,226 | | Huaxia Science 50 ETF | 1.476 | 1.50 | 1.50 | -0.05 | 1.45 | 0.00 | 74,599 | 54,738 | | E Fund Science 50 ETF | 1.429 | 1.45 | 1.60 | 0.00 | 1.30 | 0.00 | 20,819 | 10,087 | | Shenzhen 300 ETF | 4.844 | 4.80 | 5.00 | 0.00 | 4.80 | 0.00 | 12,438 | 7,905 | | Shenzhen 500 ETF | 2.886 | 2.90 | 3.00 | 0.00 | 2.85 | -0.10 | 12,486 | 8,866 | | Shenzhen 100 ETF | 3.493 | 3.50 | 3.70 | 0.00 | 3.00 | 0.00 | 3,706 | 3,101 | | ChiNext ETF | 3.039 | 3.00 | 3.10 | -0.20 | 3.00 | 0.00 | 57,241 | 59,726 | | SSE 50 | 3,010.10 | 3,000 | 3,000 | 0 | 3,000 | 0 | 3,153 | 1,647 | | CSI 300 | 4,592.57 | 4,600 | 4,600 | 0 | 4,500 | 0 | 5,875 | 3,203 | | CSI 1000 | 7,312.21 | 7,300 | 7,500 | 0 | 7,300 | 0 | 6,937 | 6,756 | [7] 3.5 Option Factors - Implied Volatility (%) | Option Variety | At-the-Money Implied Volatility | Weighted Implied Volatility | Weighted Implied Volatility Change | Annual Average | Call Implied Volatility | Put Implied Volatility | HISV20 | Implied - Historical Volatility Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 ETF | 38.86 | 15.37 | -0.25 | 16.08 | 15.28 | 15.49 | 17.06 | -1.69 | | SSE 300 ETF | 13.10 | 16.94 | -0.15 | 16.53 | 16.80 | 17.11 | 17.82 | -0.88 | | SSE 500 ETF | 20.66 | 21.62 | -0.39 | 20.32 | 21.37 | 21.89 | 22.10 | -0.48 | | Huaxia Science 50 ETF | 53.96 | 33.80 | -0.70 | 32.63 | 34.30 | 33.20 | 40.60 | -6.80 | | E Fund Science 50 ETF | 123.98 | 34.78 | -0.59 | 33.43 | 35.23 | 34.20 | 41.37 | -6.58 | | Shenzhen 300 ETF | 28.52 | 17.61 | -0.42 | 18.24 | 17.66 | 17.53 | 18.96 | -1.35 | | Shenzhen 500 ETF | 23.89 | 21.64 | -0.73 | 21.79 | 21.98 | 21.32 | 20.98 | 0.67 | | Shenzhen 100 ETF | 30.31 | 24.23 | -0.57 | 24.86 | 23.97 | 24.38 | 23.16 | 1.07 | | ChiNext ETF | 37.82 | 29.85 | -0.89 | 28.72 | 30.08 | 29.59 | 35.39 | -5.54 | | SSE 50 | 15.99 | 15.75 | -0.44 | 17.31 | 15.65 | 15.94 | 16.74 | -0.99 | | CSI 300 | 17.63 | 17.62 | 0.14 | 17.07 | 17.23 | 18.23 | 17.55 | 0.07 | | CSI 1000 | 22.97 | 22.88 | -0.23 | 22.87 | 22.19 | 23.74 | 22.95 | -0.07 | [9] 4. Strategies and Suggestions 4.1 Sector Classification - Financial stocks: SSE 50, SSE 50 ETF - Large and medium-sized stocks: Shenzhen 100 ETF - Large-cap blue-chip stocks: CSI 300, SSE 300 ETF, Shenzhen 300 ETF - Small and medium-sized stocks: SSE 500 ETF, Shenzhen 500 ETF, CSI 1000 - ChiNext: Huaxia Science 50 ETF, E Fund Science 50 ETF, ChiNext ETF [11] 4.2 Strategy Suggestions for Each Sector 4.2.1 Financial Stocks (SSE 50 ETF, SSE 50) - Underlying market analysis: SSE 50 ETF showed a bullish high-level volatile trend with short-term support below [12]. - Option factor research: Implied volatility remained above the mean; the open interest PCR indicated increasing upward pressure; the pressure and support levels were 3.20 and 3.10 respectively [12]. - Option strategy suggestions: Construct a seller's bullish portfolio strategy; implement a spot long covered call strategy [12]. 4.2.2 Large-Cap Blue-Chip Stocks (SSE

金属期权 2025-10-23 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属区间震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属高位回落连续大幅下跌，构建现货避险策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The stock market shows a high - level volatile market trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing high - level fluctuations [2]. - The implied volatility of financial options has decreased but remains at a relatively high level of fluctuation [2]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [2]. 3. Summaries According to Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,916.33, up 52.44 points or 1.36%, with a trading volume of 837.9 billion yuan and an increase of 65.4 billion yuan in trading volume [3]. - The Shenzhen Component Index closed at 13,077.32, up 264.11 points or 2.06%, with a trading volume of 1036 billion yuan and an increase of 70.9 billion yuan in trading volume [3]. - The Shanghai 50 Index closed at 3,007.26, up 32.40 points or 1.09%, with a trading volume of 147.3 billion yuan and an increase of 18.9 billion yuan in trading volume [3]. - The CSI 300 Index closed at 4,607.87, up 69.65 points or 1.53%, with a trading volume of 551.4 billion yuan and an increase of 45.6 billion yuan in trading volume [3]. - The CSI 500 Index closed at 7,185.62, up 115.98 points or 1.64%, with a trading volume of 345 billion yuan and an increase of 30.3 billion yuan in trading volume [3]. - The CSI 1000 Index closed at 7,344.05, up 104.86 points or 1.45%, with a trading volume of 348.2 billion yuan and an increase of 19.7 billion yuan in trading volume [3]. 3.2 Option - Underlying ETF Market Overview - The Shanghai 50 ETF closed at 3.144, up 0.033 or 1.06%, with a trading volume of 8.5242 million shares and a trading volume of 2.677 billion yuan, a decrease of 150 million yuan [4]. - The Shanghai 300 ETF closed at 4.710, up 0.070 or 1.51%, with a trading volume of 9.5987 million shares and a trading volume of 4.511 billion yuan, an increase of 957 million yuan [4]. - The Shanghai 500 ETF closed at 7.280, up 0.120 or 1.68%, with a trading volume of 4.8511 million shares and a trading volume of 3.522 billion yuan, an increase of 964 million yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.477, up 0.040 or 2.78%, with a trading volume of 39.9153 million shares and a trading volume of 5.843 billion yuan, an increase of 865 million yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.430, up 0.037 or 2.66%, with a trading volume of 11.3508 million shares and a trading volume of 1.609 billion yuan, a decrease of 333 million yuan [4]. - The Shenzhen 300 ETF closed at 4.858, up 0.072 or 1.50%, with a trading volume of 2.0409 million shares and a trading volume of 990 million yuan, an increase of 454 million yuan [4]. - The Shenzhen 500 ETF closed at 2.906, up 0.046 or 1.61%, with a trading volume of 1.6087 million shares and a trading volume of 467 million yuan, a decrease of 8 million yuan [4]. - The Shenzhen 100 ETF closed at 3.512, up 0.087 or 2.54%, with a trading volume of 768,700 shares and a trading volume of 269 million yuan, a decrease of 10 million yuan [4]. - The ChiNext ETF closed at 3.062, up 0.091 or 3.06%, with a trading volume of 17.3596 million shares and a trading volume of 5.272 billion yuan, an increase of 630 million yuan [4]. 3.3 Option Factor - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume PCR is 1.03 (up 0.05), and the position PCR is 0.83 (up 0.07) [5]. - For the Shanghai 300 ETF option, the trading volume PCR is 0.98 (down 0.26), and the position PCR is 1.02 (up 0.12) [5]. - For the Shanghai 500 ETF option, the trading volume PCR is 1.03 (down 0.15), and the position PCR is 1.15 (up 0.10) [5]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume PCR is 0.82 (down 0.13), and the position PCR is 0.89 (up 0.04) [5]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume PCR is 1.01 (down 0.25), and the position PCR is 0.76 (up 0.01) [5]. - For the Shenzhen 300 ETF option, the trading volume PCR is 1.46 (up 0.38), and the position PCR is 0.82 (up 0.03) [5]. - For the Shenzhen 500 ETF option, the trading volume PCR is 1.58 (down 0.42), and the position PCR is 0.78 (up 0.04) [5]. - For the Shenzhen 100 ETF option, the trading volume PCR is 4.61 (up 2.47), and the position PCR is 1.54 (up 0.32) [5]. - For the ChiNext ETF option, the trading volume PCR is 0.99 (down 0.06), and the position PCR is 1.13 (up 0.16) [5]. - For the Shanghai 50 index option, the trading volume PCR is 0.52 (down 0.02), and the position PCR is 0.69 (unchanged) [5]. - For the CSI 300 index option, the trading volume PCR is 0.64 (up 0.01), and the position PCR is 0.77 (up 0.05) [5]. - For the CSI 1000 index option, the trading volume PCR is 0.79 (down 0.03), and the position PCR is 0.94 (up 0.06) [5]. 3.4 Option Factor - Pressure and Support Points - For the Shanghai 50 ETF, the pressure point is 3.20, and the support point is 3.10 [7]. - For the Shanghai 300 ETF, the pressure point is 4.70, and the support point is 4.70 [7]. - For the Shanghai 500 ETF, the pressure point is 7.25, and the support point is 7.25 [7]. - For the Huaxia Science and Technology Innovation 50 ETF, the pressure point is 1.55, and the support point is 1.45 [7]. - For the E Fund Science and Technology Innovation 50 ETF, the pressure point is 1.60, and the support point is 1.30 [7]. - For the Shenzhen 300 ETF, the pressure point is 5.00, and the support point is 4.80 [7]. - For the Shenzhen 500 ETF, the pressure point is 3.00, and the support point is 2.95 [7]. - For the Shenzhen 100 ETF, the pressure point is 3.70, and the support point is 3.00 [7]. - For the ChiNext ETF, the pressure point is 3.30, and the support point is 3.00 [7]. - For the Shanghai 50 index, the pressure point is 3,000, and the support point is 3,000 [7]. - For the CSI 300 index, the pressure point is 4,600, and the support point is 4,500 [7]. - For the CSI 1000 index, the pressure point is 7,500, and the support point is 7,300 [7]. 3.5 Option Factor - Implied Volatility - The implied volatility of the Shanghai 50 ETF option shows that the at - the - money implied volatility is 14.68%, the weighted implied volatility is 15.62% (down 1.22%) [9]. - The implied volatility of the Shanghai 300 ETF option shows that the at - the - money implied volatility is 16.28%, the weighted implied volatility is 17.09% (down 2.11%) [9]. - The implied volatility of the Shanghai 500 ETF option shows that the at - the - money implied volatility is 18.74%, the weighted implied volatility is 22.02% (down 2.45%) [9]. - The implied volatility of the Huaxia Science and Technology Innovation 50 ETF option shows that the at - the - money implied volatility is 35.45%, the weighted implied volatility is 34.50% (down 4.05%) [9]. - The implied volatility of the E Fund Science and Technology Innovation 50 ETF option shows that the at - the - money implied volatility is 72.21%, the weighted implied volatility is 35.37% (down 4.97%) [9]. - The implied volatility of the Shenzhen 300 ETF option shows that the at - the - money implied volatility is 16.67%, the weighted implied volatility is 18.04% (down 1.24%) [9]. - The implied volatility of the Shenzhen 500 ETF option shows that the at - the - money implied volatility is 20.01%, the weighted implied volatility is 22.37% (down 10.67%) [9]. - The implied volatility of the Shenzhen 100 ETF option shows that the at - the - money implied volatility is 22.20%, the weighted implied volatility is 24.80% (down 12.30%) [9]. - The implied volatility of the ChiNext ETF option shows that the at - the - money implied volatility is 28.91%, the weighted implied volatility is 30.74% (down 4.04%) [9]. - The implied volatility of the Shanghai 50 index option shows that the at - the - money implied volatility is 15.99%, the weighted implied volatility is 16.19% (down 0.83%) [9]. - The implied volatility of the CSI 300 index option shows that the at - the - money implied volatility is 17.54%, the weighted implied volatility is 17.48% (down 1.15%) [9]. - The implied volatility of the CSI 1000 index option shows that the at - the - money implied volatility is 23.22%, the weighted implied volatility is 23.11% (down 1.41%) [9]. 3.6 Strategy and Recommendations - Financial options are divided into large - cap blue - chip stocks, small - and medium - sized boards, and ChiNext. Different sectors have corresponding option strategies [11]. - For the financial stock sector (Shanghai 50 ETF and Shanghai 50), construct a short - biased long - side combination strategy and a spot long - side covered call strategy [12]. - For the large - cap blue - chip stock sector (Shanghai 300 ETF), construct a short - volatility strategy of selling call + put options and a spot long - side covered call strategy [12]. - For the large - and medium - sized stock sector (Shenzhen 100 ETF), construct a short - volatility strategy of selling call + put options and a spot long - side covered call strategy [13]. - For the small - and medium - sized board sector (Shanghai 500 ETF and CSI 1000), construct a short - volatility strategy of selling call + put options and a spot long - side covered call strategy [13][14]. - For the ChiNext sector (ChiNext ETF), construct a short - volatility strategy and a spot long - side covered call strategy [14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended [2]. - For the black series, which maintain a large - amplitude fluctuating market trend, a short - volatility combination strategy is suitable [2]. - For precious metals, which have fallen sharply after reaching a high level, a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2512) is 85,020, with a decline of 510 and a decline rate of 0.60% [3]. 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 [4]. - **Pressure and Support Levels**: The pressure points, support points, and the corresponding offsets of different option varieties are presented, which are determined by the strike prices of the maximum open interest of call and put options [5]. - **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 for each option variety [6]. 3.3 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Based on the analysis of fundamentals and market trends, a short - volatility seller's option combination strategy is recommended, along with a spot long - hedging strategy [7]. - **Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate**: Similar analysis methods are used, and corresponding volatility strategies and spot hedging strategies are proposed according to the characteristics of each metal [8][9][10][11]. - **Precious Metals (Gold)**: A neutral short - volatility option seller's combination strategy and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar, Iron Ore, Ferroalloy, Industrial Silicon, and Glass**: For each metal in the black series, based on their fundamentals and market trends, appropriate volatility strategies and spot hedging or covered - call strategies are suggested [13][14][15].

Group 1: General Information - The report is an Energy Chemical Options Strategy Morning Report dated October 20, 2025 [2] - It covers energy, polyolefin, polyester, alkali chemical, and other energy chemical options [3] - The recommended strategy is to construct an option combination strategy mainly for sellers and a spot hedging or covered strategy to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest price, change, change rate, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts [4] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various option varieties [5] Group 4: Option Factor - Pressure and Support Levels - The report shows the at-the-money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum call open interest, and maximum put open interest of various option varieties [6] Group 5: Option Factor - Implied Volatility - The report lists the at-the-money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical volatility, and implied - historical volatility difference of various option varieties [7] Group 6: Strategy and Recommendations for Different Options Energy Options (Crude Oil and LPG) - For crude oil, OPEC maintains a 137,000 - barrel - per - day increase. The market has been weak with pressure. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Strategies include a neutral call + put option selling combination and a long collar strategy for spot hedging [8] - For LPG, the domestic commodity volume decreased in September. The market has been in a weak rebound with pressure. Implied volatility is below the mean, and the open interest PCR shows a weak market. Similar strategies to crude oil are recommended [10] Alcohol Options (Methanol and Ethylene Glycol) - For methanol, port inventory decreased, and enterprise inventory increased. The market has been weak. Implied volatility is near the mean, and the open interest PCR indicates a weak - oscillating market. Strategies include a bearish call + put option selling combination and a long collar strategy for spot hedging [10] - For ethylene glycol, port inventory is expected to decrease slightly, and it is in a stock - building cycle. The market has been weak. Implied volatility is below the mean, and the open interest PCR shows strong bearish power. Strategies include a bear spread of put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] Polyolefin Options (Polypropylene) - For polypropylene, production enterprise, trader, and port inventories have decreased. The market has been weak. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - For rubber, the social inventory has decreased. The market has been in a weak consolidation. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Strategies include a bearish call + put option selling combination [12] Polyester Options (PTA) - For PTA, the social inventory has increased slightly, and it is expected to accumulate more. The market has been weak. Implied volatility is above the mean, and the open interest PCR indicates an oscillating market. Strategies include a bearish call + put option selling combination [12] Alkali Chemical Options (Caustic Soda and Soda Ash) - For caustic soda, the capacity utilization rate has decreased. The market has been in a weak bearish trend. Implied volatility is high, and the open interest PCR indicates a weak - oscillating market. Strategies include a bear spread strategy and a long collar strategy for spot hedging [13] - For soda ash, the factory inventory has increased. The market has been in a low - level weak oscillation. Implied volatility is above the historical level, and the open interest PCR shows strong bearish pressure. Strategies include a short - volatility combination and a long collar strategy for spot hedging [13] Urea Options - For urea, enterprise and port inventories have increased. The market has been in a low - level weak oscillation. Implied volatility is near the historical mean, and the open interest PCR shows strong bearish pressure. Strategies include a bear spread of put options, a bearish call + put option selling combination, and a long collar strategy for spot hedging [14] Group 7: Option Charts - The report includes various charts for different option varieties, such as price trends, trading volume and open interest, open interest - PCR, turnover - PCR, implied volatility, historical volatility cones, and pressure and support levels [15 - 204]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a high - level volatile market condition, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing high - level fluctuations [3]. - The implied volatility of financial options has decreased but remains at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is appropriate to build a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Related Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,839.76, down 76.47 (-1.95%), with a trading volume of 873.2 billion yuan and an increase of 3.9 billion yuan [4]. - The Shenzhen Component Index closed at 12,688.94, down 397.47 (-3.04%), with a trading volume of 1,064.9 billion yuan and an increase of 3.1 billion yuan [4]. - The SSE 50 Index closed at 2,967.77, down 51.42 (-1.70%), with a trading volume of 148.7 billion yuan and a decrease of 3.3 billion yuan [4]. - The CSI 300 Index closed at 4,514.23, down 104.19 (-2.26%), with a trading volume of 559.1 billion yuan and a decrease of 1.5 billion yuan [4]. - The CSI 500 Index closed at 7,016.07, down 215.47 (-2.98%), with a trading volume of 348.1 billion yuan and a decrease of 11.7 billion yuan [4]. - The CSI 1000 Index closed at 7,185.48, down 216.36 (-2.92%), with a trading volume of 383.9 billion yuan and an increase of 9.6 billion yuan [4]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 3.110, down 0.049 (-1.55%), with a trading volume of 10.476 million lots and an increase of 10.3911 million lots, and a trading value of 3.279 billion yuan and an increase of 0.6 billion yuan [5]. - The SSE 300 ETF closed at 4.624, down 0.097 (-2.05%), with a trading volume of 8.4006 million lots and an increase of 8.3193 million lots, and a trading value of 3.910 billion yuan and an increase of 0.074 billion yuan [5]. - Multiple other ETFs also have their respective closing prices, price changes, trading volume changes, and trading value changes [5]. 3.3 Option Factor - Volume and Open Interest PCR - Different option varieties have their own volume, volume changes, open interest, open interest changes, volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes. For example, the SSE 50 ETF option has a volume of 1.7402 million contracts, an increase of 0.1487 million contracts, an open interest of 1.5636 million contracts, an increase of 0.0309 million contracts, a volume PCR of 1.07 with an increase of 0.12, and an open interest PCR of 0.76 with a decrease of 0.08 [6]. 3.4 Option Factor - Pressure and Support Points - For each option variety, the report provides the underlying closing price, at - the - money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum open interest for calls, and maximum open interest for puts. For instance, the SSE 50 ETF has a closing price of 3.110, an at - the - money strike price of 3.10, a pressure point of 3.20 with a deviation of 0.00, and a support point of 3.10 with a deviation of 0.00 [8]. 3.5 Option Factor - Implied Volatility - Each option variety has its own at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and implied - historical volatility difference. For example, the SSE 50 ETF option has an at - the - money implied volatility of 17.38%, a weighted implied volatility of 18.90% with an increase of 0.84%, an annual average of 16.40%, a call implied volatility of 19.98%, a put implied volatility of 17.57%, a 20 - day historical volatility of 18.13%, and an implied - historical volatility difference of 0.76% [11]. 3.6 Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Different sub - sectors have different option strategies [13]. - For example, in the financial stock sector (SSE 50 ETF and SSE 50), the SSE 50 ETF shows a short - term bullish upward trend with support below and high - level large - amplitude fluctuations that gradually decline. The implied volatility of SSE 50 ETF options fluctuates above the average, and the open interest PCR indicates increasing upward pressure. Strategies include constructing a short - biased long combination strategy for volatility and a spot long covered call strategy [14].

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - For non - ferrous metals, they are in a range - bound oscillation, and a seller's neutral volatility strategy is recommended [2]. - Black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable [2]. - Precious metals have a pattern of rising, breaking through, and then falling rapidly, so a spot hedging strategy is suggested [2]. 3. Summary by Sections 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, copper (CU2511) closed at 84,840 with a 0.14% increase, and its trading volume was 8.05 million lots with a decrease of 1.70 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: These factors describe the strength of the option underlying market and the turning points. For example, the copper option's volume PCR was 0.48 with a - 0.08 change, and the open interest PCR was 0.75 with a - 0.01 change [4]. - **Pressure and Support Levels**: From the perspective of the maximum open interest of call and put options, the pressure and support levels of each metal option are determined. For example, the pressure level of copper is 92,000, and the support level is 80,000 [5]. - **Implied Volatility**: The implied volatility of each metal option varies. For example, the flat - strike implied volatility of copper was 19.84%, and the weighted implied volatility was 24.96% with a - 0.02 change [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Build a short - volatility seller's option portfolio strategy and a spot hedging strategy [7]. - **Aluminum**: Construct a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Zinc**: Create a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Nickel**: Build a short - bearish call + put option portfolio strategy and a spot covered - call strategy [10]. - **Tin**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option portfolio strategy and a spot hedging strategy [11]. - **Precious Metals (Gold)** - Build a bull - spread strategy for call options, a short - volatility option seller's portfolio strategy, and a spot hedging strategy [12]. - **Black Metals** - **Rebar**: Construct a short - bearish call + put option portfolio strategy and a spot covered - call strategy [13]. - **Iron Ore**: Build a short - bearish call + put option portfolio strategy and a spot collar strategy [13]. - **Ferroalloys (Manganese Silicon)**: Implement a short - volatility strategy [14]. - **Industrial Silicon**: Construct a short - volatility call + put option portfolio strategy and a spot hedging strategy [14]. - **Glass**: Build a short - volatility call + put option portfolio strategy and a spot collar strategy [15].

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].